Here's The JCI Prediction At The Beginning Of The Week And Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is predicted to strengthen as the market responds to the Fed's strong signal on Monday 26 Aghustus. JCI today is expected to move in the resistance range 7,600, pivot 7,550, support 7,500.

Phintraco Sekuritas in his research explained that Wall Street's index strengthened more than 1 percent on Friday in response to a strong signal of cutting the benchmark interest rate from Fed Chairman Jerome Powell in a speech at Jacson Hole Symposium. Strengthening is also supported by improving economic data, namely growth in new home sales of up to 10.6 percent mom in July 2024.

"This data reinforces the view that markets are indeed awaiting certainty of cutting benchmark interest rates before spending money. Significant strengthening was also recorded by the majority of indexes in Europe in trading last Friday," wrote Phintraco Sekuritas.

This, continued Phintraco Sekuritas, has the potential to encourage the continued strengthening of the Rupiah exchange rate or at least maintain a strong position in the Rupiah exchange rate this week. From economic data, there are a number of data that market participants have been waiting for, including the US Durable Goods Orders, US economic growth in the second quarter of 2024, Germany Consumer Confidence and German Inflation.

In addition to external factors, Phintraco Sekuritas said that the domestic political situation is believed to have influenced the JCI movement today.

"Registration of regional head candidates to the KPU is scheduled for August 27-29, 2024. The Pilkada is scheduled for the end of November 2024, one month after the inauguration of the President and Vice President," explained Phintraco Sekuritas.

The stocks recommended by Phintraco Sekuritas today include PGAS, AALI, PTPP, AUTO, INCO, and HRUM.