JCI Thursday Is Predicted To Continue Strengthening, Five Shares Can Be An Option

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is predicted to continue to strengthen in today's trading, Thursday, August 8. Phintraco Sekuritas said that the JCI is expected to move in the resistance range of 7,250, pivot 7,200, and support 7,150 today.

"The JCI's continued rebound on Wednesday validates a minor bullish reversal indication of the golden cross on the Stochastic RSI. Thus, the JCI today is expected to continue strengthening to around 7,230-7,250," wrote Phintraco Sekuritas in his research.

From the region, Phintraco Sekuritas added, China recorded an increase in import value of 7.2 percent yoy in July 2024 (vs expectation of 3.5 percent yoy) which strengthened indications of China's recovery in domestic economic activity.

However, the export value only rose 7 percent yoy (vs expectations 9.7 percent yoy) in the same period.

"This condition strengthens indications of a global trade decline," explained Phintraco Sekuritas.

From domestic economic data, Phintraco Sekuritas said, the JCI was supported by the realization of Indonesia's foreign exchange reserves which surprisingly recorded an increase to US$145.4 billion in July 2024. This amount is equivalent to financing 6.5 months of imports, well above the international adequacy ratio in three months of imports.

Phintraco Sekuritas recommends five stocks that can be considered for today's trading, including CPIN, ERAA, TLKM, INKP, and SMRA.