JAKARTA - The Composite Stock Price Index (JCI) is projected to continue strengthening while waiting for the decision of the Board of Governors of Bank Indonesia (RDG BI) today, Wednesday, November 20. In his research, Phintraco Sekuritas estimates that the JCI will move in the resistance range of 7,250, pivot 7,200, and support 7,050.
Phintraco Sekuritas said the JCI recorded a technical rebound, approaching the psychological level of 7,200 on Tuesday. Technically, a golden cross was formed in the pivot area at the stochastic RSI.
"Based on these indications, the JCI today has the potential to continue the rebound to 7,230-7,250," wrote Phintraco Sekuritas.
Phintraco Sekuritas added that the domestic market is waiting for the decision of the Board of Governors' Meeting (RDG) of Bank Indonesia which is scheduled for today. Market expectations led to BI's decision to maintain the benchmark interest rate at the level of 6 percent, reflecting focus on monetary stability.
The current position of the rupiah exchange rate, which is moving in the range of Rp. 15,700-15,800. This condition is different compared to last September when BI cut interest rates in the middle of a stronger rupiah exchange rate in the range of Rp. 15,200," explained Phintraco Sekuritas.
Globally, Phintraco Sekuritas said market attention was focused on releasing UK inflation data for October 2024, projected to increase to 2.1 percent YoY compared to 1.7 percent YoY in September.
The trend of rising inflation reflects the impact of the Bank of England (BoE) policy, which has previously cut interest rates as a step to boost economic growth.
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From the region, continued Phintraco Sekuritas, attention is also focused on releasing China's Loan Prime Rate (LPR) data for November, where the 1 year loan interest rate is estimated to remain at the level of 3.1 percent and the loan interest rate of 5 years stable at 3.6 percent.
"This policy reflects China's careful approach in maintaining liquidity and supporting economic recovery," explained Phintraco Sekuritas.
Phintraco Sekuritas recommends five ready cuan stocks today, namely BBYB, ARTO, EMTK, INDF and ASII.
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