Five Stocks Recommended Amid The Projection Of Weakening JCI Today

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to continue corrections in today's trading, Wednesday, September 4. Phintraco Sekuritas in his research said that the JCI will today move in the resistance range of 7,650, pivot 7,600, support 7,550.

Phintraco Sekuritas explained that the JCI today is prone to further pullbacks to the support range of 7,550. This considers the negative direction of the majority of the global index on Tuesday.

"Technically, this view is reinforced by the JCI movement which breaks the MA5 breaklow at 7,650, as well as the positive slope narrowing of the MACD," wrote Phintraco Sekuritas.

From external, Phintraco Sekuritas said, the deficit in the United States (US) trade balance is estimated to increase to minus 78.9 billion US dollars in July 2024 from minus 73.1 billion US dollars in June 2024.

"This condition is expected to trigger further weakening of the US dollar index, amid anticipation of cutting the Fed's benchmark interest rate in the FOMC 17-18 September 2024," explained Phintraco Sekuritas.

Phintraco Sekuritas added that another sentiment that has the potential to benefit Indonesia in the short term is the significant weakening of oil prices. This condition is estimated to have an impact on reducing Indonesia's import value. This condition can support the Rupiah exchange rate in the range of Rp15,500 per US dollar.

In the next few days data will be released on the service sector index data from the US, Europe and including China. Generally, the service sector index is moving opposite to the manufacturing index in these countries," said Phintraco Sekuritas.

Phintraco Sekuritas recommends five shares for today, including PWON, CTRA, MDKA, JPFA, and MAIN.