JAKARTA - The Composite Stock Price Index is predicted to be profitable to take or pullback in today's trading, Tuesday, July 2. Phintraco Sekuritas estimates that the JCI will move today in the resistance range of 7,150, pivot 7,100, and support 7,050.
Phintraco Sekuritas explained that the JCI today is prone to profit-taking or pullback to around 7,100. The reason is, the JCI had a resistance test area of 7,130-7,150, but failed to maintain its position until last Monday's closing.
"It is indicated that there was an increase in selling pressure when the JCI tested the resistance of the area, especially the RSI Stochastic is already very overbought," wrote Phintraco Sekuritas in his research.
Phintraco Sekuritas added that Indonesia's manufacturing index fell to 50.7 in June 2024 from 52.1 in May 2024. Indonesia's inflation fell to 2.51 percent yoy in June 2024 from 2.84 percent yoy in May 2024. Meanwhile, core inflation tends to be stable at 1.9 percent yoy in June 2024 (vs 1.93 percent yoy in May 2024).
According to Phintraco Sekuritas, the above inflation conditions indicate that people's purchasing power is relatively solid, while prices tend to be controlled.
"This condition increases the belief that BI has sufficient space to focus on maintaining the stability of the Rupiah exchange rate," added Phintraco Sekuritas.
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Thus, Phintraco Sekuritas recommends that five shares can be paid in cash. The shares consist of a number of bank shares, especially large-capitalized banks, such as BBNI and BMRI, which can be considered.
"Other options include speculation on WIKA, ESSA and MDKA," concluded Phintraco Sekuritas.
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