JCI On Monday Still Overshadowed By Selling Actions, Check Out Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is still overshadowed by the sell-off this week. PT Indo Premier Sekuritas in its research said that the selling action was triggered by sentiment of market uncertainty, both globally and domestically.

Indo Premier Sekuritas said the sentiment of market uncertainty will make the JCI this week move varying with a tendency to weaken.

"JCI this week will move in the support range of 6,660 and resistance at 6,880," said PT Indo Premier Sekuritas.

From globally there is the NBS PMI Manufacturing Index (China), the United States Manufacturing PMI Index (US) in February and the United States Non-Farm Payrolls data in February.

First, the PMI Manufacturing (China) NBS Index is reportedly re-expansing to the level of 50.2 from the previous month at the level of 49.1 and higher than its consensus at the level of 49.9. This shows that China's economy is again finding a bright spot and starting to run normally.

Second, the PMI Manufacturing index in February, which is expected to strengthen slightly to the level of 51.6 compared to the previous month. But on the other hand, the United States' PMI Composite Index (coupling between manufacturing and service) in February is expected to drop to a level of 50.4 from the previous month at the level of 52.7.

Third, the United States Non-Farm Payrolls data in February will be released this weekend. It is estimated that Non Farm Payrolls funds will drop to the level of 133 thousand compared to the previous month which was at the level of 143 thousand. This data is one of the most important data for the Fed to help assess the US economic condition.

Meanwhile, data from domestic ones that must be monitored, namely the Indonesian Manufacturing PMI Index in February and the inflation rate in Indonesia in February. First, the Indonesian Manufacturing PMI Index in February is expected to remain in an expansion condition and grow to the level of 52.3 from the previous month 51.9.

Second, Indonesia's inflation rate in February is expected to be disinflated again to the level of 0.41 percent, which is a further effect of the government's policy by providing a 50 percent discount on electricity rates for PLN customers.

The stocks recommended by PT Indo Premier Sekuritas, namely CMRY, LSIP, and ULTJ.