JCI Is Still Under Pressure Today, Seven Shares Could Be An Option

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to be still under pressure on today's trading, Monday, December 30. Phintraco Sekuritas in its research estimates the JCI will move in the resistance range of 7,100, pivot 7,050, and support 6,950.

Phintraco Sekuritas explained that Wall Street indexes closed lower on Friday, December 27. This is in line with the potential for an increase in instrument yields of lower risk, as a result of the higher for longer Fed Funds Rate. However, the release of US manufacturing activity data has the potential to be a positive catalyst this week.

"Two leading institutions, namely S&P and ISM, estimate that the US manufacturing sector is still at a contractive level (<50). This indicates that there is still pressure on industrial activity," wrote Phintraco Sekuritas.

Phintraco Sekuritas added that the JCI was stuck with the dynamic support MA5 (7031) last Friday. In addition, the MACD indicator shows sideways movement.

"Therefore, we estimate that the JCI will move in the range of 7,000-7.100 today," added Phintraco Sekuritas.

Domestically, Phintraco Sekuritas said the market was looking forward to releasing inflationary data in December. Inflation is expected to decline to the level of 1.4 percent YoY in December from 1.55 percent YoY in November. In contrast, core inflation is expected to increase to 2.6 percent YoY in December from 2.26 percent YoY in November.

"This figure reflects an increase in price that is more persistent in core goods and services. This condition indicates that people's purchasing power towards basic needs is under pressure," said Phintraco Sekuritas.

Phintraco Sekuritas recommends seven shares for today, namely INCO, PGAS, AALI, PNLF, BFIN, BRIS and DOID.