JCI Thursday Has A Chance To Level 7,700, Seven Stocks Are Recommended

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) strengthened 0.29 percent or 21.99 points to 7,648.94 at the end of trading, Wednesday, October 16. So what about the JCI movement today, Thursday, October 17?

Phintraco Sekuritas in his research saw technically that the JCI was able to survive above the MA20 in the range of 7,627 levels in line with the narrowing of the negative slope in the MACD indicator and the stochastic RSI indicator leading to a net that indicates the potential for further strengthening.

"If the JCI is able to survive above the MA20, it will have the potential to continue strengthening to the level of 7,700 on Thursday," explained Phintraco Sekuritas.

From a global perspective, the market anticipates the release of retail sales data in September 2024 in the United States (US) which is scheduled to be released this Thursday. The data is estimated to have increased by 0.3 percent of the MoM from 0.1 percent of the MoM in August 2024. This estimate indicates that domestic consumption has improved.

On the other hand, the release of initial jobless claims last week is expected to stagnate at the highest level at 258,000, indicating the US labor sector is weakening.

From the European region, the market is looking forward to releasing inflationary data in the Euro Area in September 2024 which is scheduled to be released this Thursday. The market estimates that inflation in the Euro Area will slope to the level of 1.8 percent YoY from 2.2 percent YoY in August 2024.

On the same day, the European Central Bank (ECB) is scheduled to hold a meeting to discuss the direction of monetary policy and the decision of the benchmark interest rate.

The market estimates that the ECB will decide to cut the benchmark interest rate to 3.4 percent from 3.65 percent in September 2024.

From the regional side, the market is looking forward to releasing Japanese trade balance data in September 2024 which is expected to improve even though it is still a deficit to 237.6 billion yen from 695.3 billion yen in August 2024.

The data is believed to be able to affect the market's view of Japan's economic growth in 3Q24. Meanwhile, domestically, the market is awaiting the inauguration of the President and Vice President-elect for the 2024-2029 period scheduled for the weekend.

According to Phintraco Sekuritas, the top stocks today are AUTO, ACES, GJTL, SIDO, AKRA, MEDC, and UNTR.