JAKARTA - The Composite Stock Price Index (JCI) rose 0.74 percent or 54.94 points to the level of 7,437.73 on Monday 9 December. The strengthening of the JCI has the potential to continue on Tuesday 10 December.
Phintraco Sekuritas in his research said that strengthening the JCI was also influenced by domestic sentiment, namely the release of data from the Consumer Confidence Index (IKK) in November 2024.
According to him, the domestic market responded positively to the data. As for Novembet 2024, IKK reached the level of 125.90 or grew from the level of 121.10 in October 2024.
"The increase in IKK is in line with the smooth transition of the new government, which shows optimism for the current economic conditions," explained Phintarco Sekuritas.
Still in the country, the market is also waiting for the release of retail sales data in October 2024 which is estimated to decline slightly to 4.50 percent YoY, compared to 4.8 percent YoY in September 2024.
While retail sales are still in the range of 4-5 percent, this decline reflects a slowing trend that has been going on over the past few months.
The food and fuel sector remains a significant contributor to retail resilience amid economic challenges, such as inflation and the weakening of people's purchasing power.
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Technically, explained Phintraco, the JCI is still closed above the MA200, which is accompanied by widening on the positive slope of the MACD. Dus, It is estimated that the JCI will move in the range of 7,4007,500 on Tuesday's trading.
The stocks chosen by Phintraco Sekuritas are ANTM, ADMR, GJTL, INTP, MAPA and PTPP.
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