JAKARTA - The Jakarta Composite Index (JCI) strengthened in trading yesterday, Thursday, August 1. JCI strengthened 0.97 percent or 70.22 points to 7,325.98 until the end of trading on the Indonesia Stock Exchange (IDX). So what about the JCI movement today, Friday 2 August?
Phintraco Sekuritas in his research saw that the JCI moved higher throughout Thursday's trading. Technically, the Stochastic RSI moved up the oversold area towards the pivot. While the MACD tends to narrow down on the positive slope.
"Thus, we estimate the JCI will test resistance in the 7,450-7,500 area on Friday 2 August," he explained.
The strengthening of the JCI today was driven by euphoria by a positive statement from the Federal Reserve regarding flower rate cuts and domestic data released on Thursday 1 August. Inflation data showed a slowdown in inflation rate to 2.13 percent YoY in July, down from 2.51 percent YoY. On the other hand, core inflation was relatively stable in the range of 1.95 percent YoY from the previous level of 1.90 percent.
"In addition, the rupiah exchange rate was also appreciated by 0.15% to Rp. 16,230 per Thursday afternoon," he said.
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Phintraco sees the market will pay attention to the release of Non-Farm Payrolls (NFP) data and the US unemployment rate. NFP data is projected to fall from 206,000 to 175.000 in July 2024. In addition, the unemployment rate is expected to remain at the level of 4.10%.
The stocks recommended for today include BBNI, BMRI, BBTN, BBRI and TOWR.
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