JCI Is Projected To Move On Wednesday In The Range Of 7,440-7,580, Check Out Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to move to consolidate trading today, Wednesday, August 6, after closing higher by 50.54 points or 0.68 percent to the level of 7,515 yesterday.

Phintraco Sekuritas in his research said that the strengthening of the JCI was in line with the movement of the Asian stock exchange index. In addition, the market also still expects a reduction in the benchmark interest rate of the United States central bank, The Fed.

Technically, the RSI stochastic indicator, said Alrich, is approaching the oversold area and there is an increase in purchasing volume. However, according to him, the MACD indicator still has the potential to experience a death cross, so he estimates that the JCI consolidation will continue in the support range of 7,440 and resistance at 7,580.

For today, according to Phintraco Sekuritas, the market will still be affected by the release of issuers' performance in the first semester of 2025 and also the strengthening of several commodities such as CPO and steel as demand increases.

JCI movement today will be affected by Indonesia's economic growth data in the first semester of 2025 which grew 3.7 percent on a quarterly basis, recovered from a contraction of 0.98 percent QoQ in the first quarter of 2025, and was above market estimates of 3.7 percent QoQ.

"This is the highest quarterly growth since the third quarter of 2020, driven by activities of religious celebrations and tourism due to the large number of holidays in the second quarter," explained Phintraco Sekuritas.

Meanwhile, public consumption grew 3.14 percent QoQ which was supported by a government stimulus of around IDR 24 trillion so that the economy in the first semester of 2025 on an annual basis grew 5.12 percent YoY, surpassing the estimated 4.87 percent and was the fastest annual expansion since the first semester of 2023.

"Improving economic growth in the first semester raises optimism about a better recovery in economic growth throughout 2025 compared to the previous year," explained Phintraco.

The recommended stocks include PT Bank Mandiri Tbk (BMRI), PT Bank Syariah Indonesia Tbk (BRIS), and PT Bank Tabungan Negara Tbk (BBTN), PT Surya Semesta Internusa Tbk (SSIA), and PT Sariguna Primatirta Tbk (CLEO).