JAKARTA - The Composite Stock Price Index (JCI) is predicted to continue corrections in today's trading, Friday, August 23. JCI is expected to move today in the resistance range of 7,550, pivot 7,500, support 7,450.
Phintraco Sekuritas explained that the increase in domestic political temperature seems to have contributed to profit-taking in the Indonesian stock market in trading last Thursday.
"Outside of these factors, the weakening on Thursday, August 22, is relatively normal considering the overbought conditions indicated by Stochastic RSI," wrote Phintraco Sekuritas in his research.
Phintraco Sekuritas added that the DPR RI canceled the new Pilkada Bill because of the Plenary Meeting which was not quorum on Thursday and the pressure to reject elements of society.
It is estimated that Indonesia's political temperature will still have the potential to heat up because there are two important schedules in the fourth quarter of 2024, namely the inauguration of the President and Vice President in October 2024 and the simultaneous regional elections in November 2024.
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"Although the latest domestic economic data shows that conditions are still relatively solid, the increasing risk of domestic political instability has the potential to overshadow the outlook for Indonesia's economic growth in the second semester of 2024," explained Phintraco Sekuritas.
Phintraco Sekuritas recommends six stocks for today's trading, namely ADRO, DOID (Trading Buy) and BMRI, BBNI, ERAA, and CPIN (Buy on Support).
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