JCI Is Predicted To Move In The Range Of 7,100-7,200 On Monday, This Is The Stock Choice

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) slightly strengthened 1.22 points or 0.02 percent to 7,164 at the end of trading last Friday. So how is the JCI projection for today, Monday 6 January?

Phintraco Sekuritas in his research looked technically, the JCI was restrained by the dynamic resistance of MA20 which is in the range of 7,218 levels. In addition, the MACD histogram shows movement that tends to sideways.

"We estimate the JCI will move in the range of 7,100-7,200 on Monday's trading," wrote Phintraco Sekuritas.

Sentiment from global, market attention will be focused on the release of Federal Open Market Committee (FOMC) minutes that can provide further clues regarding the direction of monetary policy.

Other data such as Non-Farm Payrolls (NFP) and unemployment rates will also be released next week. The NFP is expected to decline to 150 thousand from the previous 227 thousand which showed the potential for weakening in the labor market.

This decline is consistent with the estimates of economists who estimate the unemployment rate will be at the level of 4.2 percent.

"If this data is appropriate or worse than expectations, the market may see it as a confirmation of the economic slowdown in the United States, so that it could affect the Fed's stance on interest rate policies," explained Phintraco Sekuritas.

Domestically, a number of important data will be released, namely the consumer confidence index (IKK), retail sales and foreign exchange reserves.

IKK for December is projected to drop to level 120 from the previous 125.90 which illustrates a slight decrease in public optimism about economic conditions.

Meanwhile, December retail sales data is expected to show improvement, driven by the turn of the year which usually increases people's consumption, although overall purchasing power is still relatively weak.

For information, the growth rate of retail sales in November was recorded at 1.50 percent YoY.

Finally, Indonesia's foreign exchange reserves are expected to grow to USD 152 billion from the previous level of USD 150.2 billion. Foreign exchange reserves are relatively at a safe level because they are equivalent to 6.5 months of imports and remain well above the international adequacy standard of about three months of imports.

The selected stocks from Phintraco Sekuritas for today, namely DOID, MAIN, PNBN, JPFA, ISAT and MBMA.