Vulnerable Profit Taking, JCI Is Projected To Move On The Range Of 7,550-7,600

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to weaken in today's trading, Wednesday, July 30, after closing higher by 3.13 points or 0.04 percent to 7,617.90 yesterday.

Phintraco Sekuritas in his research said shares in the basic materials sector posted the largest increase in trading last Tuesday. On the other hand, the financial sector shares experienced the largest correction.

Technically, after experiencing a pullback and closing the gap down around the level of 7,568, the JCI again turned stronger. However, at the close, the JCI candlestick pattern formed a doji pattern with an overbought indicator.

"JCI is estimated to be still vulnerable to profit taking in the range of 7,550-7,600," explained Phintraco Sekuritas.

Currently the market is still waiting for the United States-China trade meeting, the meeting of the US Central Bank or The Federal Reserves, a number of data on economic indicators, the second quarter 2025 financial reporting season, and waiting for the deadline for the implementation of the August 1, 2025 tariff.

Market participants are also looking forward to some important economic data that will be observed including data on economic growth in the second quarter of 2025 from Germany and the Euro Area.

Meanwhile, from the US, data on economic growth will also be released in the second quarter of 2025, ADP Employment change or reporting on the non-farm private labor level and personal consumption expenditure index (PCE prices) will also be released.

The stocks recommended by Phintraco Sekuritas for today include PT Japfa Comfeed Indonesia Tbk (JPFA), PT BUMA Internasional Group Tbk (DOID), PT Bumi Resources Minerals Tbk (BRMS), PT Perusahaan Gas Negara Tbk (PGAS) and PT Semen Indonesia Tbk (SMGR).