JCI Monday Projected To Continue Weakening, These Six Stocks Are Recommended

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to continue its weakening in today's trading, Monday, May 15, after last weekend's decline of 55.96 points or 0.82 percent to the level of 6,755.93.

Phintraco Sekuritas in its research predicts the JCI will experience a limited weakening on Monday. The JCI's weakening is estimated to be around 6,680 - 6,690 with support at the level of 6,680 and resistance at the level of 6,800.

"This movement is influenced by the condition of MFI and OBV which tend to decline. However, the Stochastic RSI, which is still in the oversold area, indicates that weakness tends to be limited," explained the research of Phintraco Sekuritas.

Meanwhile, from external sentiment, market participants are still anticipating developments in discussions on agreements related to debt ceiling in the US.

Domestically, BPS will release the Indonesia Trade Balance (NPI) as of April 2023 on Monday, which is estimated to have a surplus of 3.38 billion US dollars. Meanwhile, exports and imports are estimated to contract to 18.55 percent YoY and 7.85 percent YoY in April 2023.

This estimated decline in Indonesia's exports is in line with the slowdown in consumption and manufacturing activities in China which strengthened in April 2023. This can also be seen in Chinese imports, which contracted to -7.9 percent in April 2023 from -1.4 percent YoY in March 2023.

The stocks recommended by Phintraco Sekuritas for today's trading include MYOR, JPFA, CPIN, BRIS, BNGA and IPCC.