JCI On Thursday Potentially Re-green, These Stocks Can Be The Choice Menu

JAKARTA - The Composite Stock Price Index (JCI) strengthened on the third day in a row, where the index on Wednesday 15 November rose 1.40 percent or 96.15 points to the level of 6,958.20 until the end of trading on the Indonesia Stock Exchange (IDX).

Phintraco Sekuritas in his research said the JCI on Thursday has the potential to return to the green zone, driven by positive sentiment stemming from improving a number of Chinese economic data.

Industrial production data grew 4.6 percent year on year (YoY) in October 2023 from 4.5 percent YoY in September 2023. Retail sales grew 7.6 percent YoY in October 2023 from 5.5 percent YoY in September 2023.

"From within the country, the decline in export value by 10.43 percent YoY in October 2023 was better than estimated (15.35 percent YoY). Similar to the decline in import value (2.42 percent YoY) which is much better than expected (-7.4 percent YoY)," explained the research. Phintraco Sekuritas.

The data reinforces confidence in domestic consumption which is still strong enough to sustain economic growth.

The JCI on Thursday is predicted to move with support at 6,880 and resistance at 6,980. The stocks recommended today are PT Astra International Tbk (ASII), PT Merdeka Copper Gold Tbk (MDKA), PT Bank Syariah Indonesia Tbk (BRIS), PT Indofood CBP Sukses Makmur Tbk (ICBP), and PT Ace Hardware Indonesia Tbk (ACES).