JCI Monday Potentially Weakening, Six Stocks Worth Paying Attention To Investors

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) will continue its weakening at the psychological level of 7,700 in today's trading, Monday, September 23.

JCI closed lower at the level of 7,743,004 (-2,054 percent) by moving in the range of 7,738,321-7,910,866 in trading, last weekend, Friday, September 23.

"Technically, there is a death cross on the Stochastic RSI in the overbought area and a Bearish Engulfing pattern is formed which indicates a bearish reversal," explained Phicantro Sekuritas in his research.

The Phicantro Sekuritas team stated that there was sentiment from the global, namely the release of the S&P Global Composite PMI Flash September 2024 data in the US on Monday which is expected to drop to level 53 in September 2024.

The decline in components in the PMI Composite was due to expectations of a decline in service from an estimated service perspective of 54, while the manufacturing side is expected to grow slightly at level 48. Meanwhile, on the same day, in Europe, there was also a release of Euro Area HCOB Composite PMI Flash data in September 2024 which is expected to stagnate at level 51.

Unlike the US, the PMI service component is expected to increase slightly at level 53, while the Manufacturing PMI is estimated to be still in the contraction zone at the level of 45.6. Meanwhile, from domestic, the growth in the amount of money in circulation (M2) August 2024 is scheduled for release this Monday.

Indonesia's M2 position grew by 7.4 percent (year on year / YoY) in July 2024 which was influenced by credit disbursement growth and an increase in net bills to the Central Government.

Meanwhile, the growth in the amount of money in circulation in August 2024 is expected to continue to grow stably in line with credit growth in August 2024 which was maintained to grow double digits, which was 11.4 percent YoY.

The Phicantro Sekuritas team recommended stocks that can be considered today, namely MBMA, PGAS, JSMR, AKRA, MEDC, and PTBA.