JCI At The End Of The Week Has A Chance To Strengthen Even Though It Is Still Difficult To Reach The Level Of 6,700

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to strengthen slightly in today's trading, Friday, February 14, after closing down 32.21 points or 0.48 percent to the level of 6,613.56.

Phintraco Sekuritas in his research said that technically the JCI formed a hazard pattern that could potentially be a reversal signal. Meanwhile, modern indicators such as MACD show narrow movement with negative slope and RSI stochastics is already in the oversold area.

"Thus, we estimate the JCI has the potential to test the dynamic resistance of MA5 in the range of 6,636 on Friday's trading," explained Phintraco Sekuritas.

From a global perspective, the market is looking forward to releasing US retail sales data for January, which is expected to decline slightly to a level of -0.10 percent MoM from the previous 0.40 percent MoM in December.

This decline reflects the potential slowdown in consumer spending at the beginning of the year, which could be affected by inflationary pressures that weigh on people's purchasing power.

In addition, the retail sales index for December is still at the level of 3.90% YoY. This shows that despite the slowdown in monthly consumption growth in the United States, it is still quite solid.

From the domestic side, the market is looking forward to releasing Property Price Index data for the fourth quarter of 2024. For information, Property Price Index in the third quarter of 2024 grew 1.46 percent YoY. This slowdown occurred in all property categories due to increased building material costs, licensing constraints and high down payment.

Phintraco Sekuritas estimates that the property index will slightly show improvements supported by VAT-DTP incentives from the government. However, the weak purchasing power of domestic communities will slightly limit the recovery of the index.

The stocks recommended by Phintraco Sekuritas for today's trading are PT Bukit Asam Tbk (PTBA), PT Aneka Tambang Tbk (ANTM), PT Pertamina Geothermal Energy Tbk (PGEO) and PT Bumi Serpong Damai Tbk (BSDE).