JCI Thursday Prone To Corrections, Five Stocks Potentially Cuan

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is overshadowed by sell on news in today's trading, Thursday 19 September. Phintraco Sekuritas in his research estimates that the JCI today will move in the resistance range of 7,850, pivot 7,800, and support 7,750.

"Without solid directions from global indexes, the JCI today is prone to corrections. The JCI today is estimated to move in the range of 7,800-7,850. The potential sell on news also overshadows the JCI today," wrote Phintraco Sekuritas.

Phintraco Sekuritas assessed that the market still digests macro assumptions in the 2025 RAPBN. Economic growth is estimated to reach 5.2 percent yoy, controlled inflation at a low level of 2.5 percent yoy. Interestingly, SBN 10 years is still quite high at 7 percent and the Rupiah exchange rate is assumed at IDR 16,000 per US dollar.

"This condition indicates a conservative view of the potential loosening of monetary policy by 2025," added Phintraco Sekuritas.

Meanwhile, Phintraco Sekuritas said, beyond market forecasts, Bank Indonesia (BI) decided to cut the benchmark interest rate by 25 bps to 6 percent on RDG 17-18 September 2024.

Phintraco Sekuritas added that Wall Street's main indexes were corrected on Wednesday. This happened because the market responded to FOMC The Fed's decision to cut the benchmark interest rate by 50 bps. The cuts are bigger than the market's majority expectation, which is 25 bps.

"The Fed's aggressiveness seems to have sparked market concerns about the condition and outlook for the US economy. The market views the Fed's decision as an anticipation of the potential for weakening economic conditions in the United States (US)," explained Phintraco Sekuritas.

Meanwhile, Phintraco Sekuritas recommends five stocks that have the potential to pay today, namely BSDE, CTRA, BTPS, ASII and BNGA.