JCI Will Record All Time High Again? Check Out Today's Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) recorded the latest all time high (ATH) in yesterday's trading, Tuesday, August 20. So, will the JCI record ATH again today, Wednesday, August 21?

JCI rose 0.90 percent or 67.15 points to 7,533.98 until the end of trading on the Indonesia Stock Exchange (IDX) on Tuesday. This is a record high trading closing of the JCI all-time.

Phintraco Sekuritas in its research estimates that the JCI will continue to rally and try to test resistance at the level of 7.575 today. Technically, the JCI formed a rising window pattern that gave a strong bullish signal and indicated the potential for further strengthening.

The market will wait for the results of the Bank Indonesia Board of Governors Meeting (RDG BI) which will be held on Wednesday, August 21. The benchmark interest rate is predicted to remain held at the level of 6.25 percent.

The main focus of the market from RDG BI this time is a statement from Bank Indonesia regarding when to start lowering interest rates and how much cut space might occur, considering that the current global economic climate is quite positive and is supported by fundamental Indonesian economic data which is also quite solid. In addition, the rupiah exchange rate has strengthened to the level of IDR 15,430 on Tuesday.

From a global perspective, the market is currently waiting for two meetings that will be a reference in predicting the direction of monetary policy and future market prospects.

FOMC Minutes is scheduled for Wednesday, alongside Jackson Hole Symposium on the same day. After releasing retail sales data in the US that eased fears of a recession slightly, the market is now hoping that FOMC Minutes will signal whether the Fed remains committed to cutting interest rates in September.

Of all the sentiments surrounding the JCI today, Phintraco Sekuritas recommends six shares, namely PT Kalbe Farma Tbk (KLBF), PT XL Axiata Tbk (EXCL), PT Mitra Adiperkasa Tbk (MAPI), PT MAP Active Adiperkasa Tbk (MAPA) and PT Bank Tabungan Negara Tbk (BBTN).