JCI Is Projected To Strengthen Today, 6 Stocks Can Be An Option

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to strengthen in today's trading, Wednesday, January 8. Phintraco Sekuritas in his research said that the JCI today will be supported by positive domestic sentiment.

JCI is estimated to move today in the resistance range of 7,150, pivot 7,100, and support 7,000. Phintraco Sekuritas explained that the JCI has the opportunity to record a technical rebound to the MA5 range at 7,100-7,130.

"Technically, this opportunity is based on the long lower shadow pattern on Tuesday's trading," wrote Phintraco Sekuritas.

Phintraco Sekuritas emphasized that the JCI today is still supported by floods of domestic positive sentiment, especially from a number of fiscal stimulus in early 2024.

The stimulus starts from the implementation of 12 percent VAT which is limited to luxury goods, discounted electricity rates in January-February 2025 and the start of the implementation of the Free Nutrition Food (MBG) program.

According to Phintraco Sekuritas, these various fiscal stimuli are expected to encourage domestic consumption at the beginning of the first quarter of 2024. When the performance of export net generally decreases.

"This condition is expected to support the pace of economic growth above 5 percent yoy in the first quarter of 2024," added Phintraco Sekuritas.

Still from within the country, Phintraco Sekuritas added, the market is looking forward to motor sales data and foreign exchange reserves as of December 2024 which is scheduled for release this morning.

Phintraco Sekuritas recommends six shares for today, namely PANI, SRTG, ADRO, JPFA, SSIA, and ESSA.