JCI Wednesday Is Prone To Correction, Analyst Recommends Several Shares In The Energy Sector

JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to be still prone to correction in today's trading, Wednesday, September 6, after weakening 0.07 percent yesterday or 5.04 points to the level of 6,991.70.

Phintraco Sekuritas in his research said that the JCI is still prone to corrections in today's trading considering yesterday the JCI closed the gap to 6,975. Along with this correction, a death cross was formed on the Stochastic RSI in the overbought area.

"This condition makes the JCI prone to further corrections," explained the research of Phintraco Sekuritas.

Market participants still tend to wait and see a number of domestic economic data scheduled for release this week. The first is foreign exchange reserve data which is estimated to remain above 6 months of imports, well above the international minimum adequacy limit in 3 months of imports.

The second is the consumer confidence index which is estimated to be still above 120. For information, the confidence limit is 100.

From external, fiscal stimulus for the property sector by the Chinese government is expected to encourage the acceleration of China's domestic demand. One of the potential positive impacts for Indonesia is improving export performance in the months to come.

A number of basic materials stocks, such as PT Bumi Recourses Mineral Tbk (BRMS) and PT Trimegah Bangun Persada Tbk (NCKL) have the potential to continue strengthening. Meanwhile, PT Semen Indonesia Tbk (SMGR) and Indocement Tunggal Perkasa (INTP) have the potential to continue rebounding.

Energy stocks, PT Bukit Asam Tbk (PTBA) and PT Pertamina Gas Negara Tbk (PGAS) have the potential to rebound.

Apart from these two sectors, Phintraco Sekuritas also recommended shares of PT Telkom Indonesia Tbk (TLKM), PT United Tractors Tbk (UNTR), PT Indosat Ooredoo Hutchison (ISAT) and PT Charoen Pokphand Indonesia Tbk (CPIN).