JCI Tuesday Projected To Continue Strengthening, What Stocks Are Recommended?

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) closed in the green zone on Monday 7 August trading. JCI rose 0.49 percent or 33.52 points to 6,886.36 at the end of trading.

Phintraco Sekuritas in his research said, along with Monday's rebound, RSI's stochastic formed a golden cross in the oversold area. With this movement, the JCI maintains its position above the MA20 and maintains the potential for bullish continuation.

JCI again tested resistance at 6,930-6,950 on Tuesday. The most important positive sentiment comes from the realization of Indonesia's economic growth which is much better than expected in the second quarter of 2023. Indonesia's GDP grew 5.17 percent YoY in the second quarter of 2023, up from 5.04 percent YoY in the first quarter of 2023 and much better than expected at 4.93 percent YoY," explained Pintraco Sekuritas research.

Thus, it has been two consecutive quarters that the realization of economic growth is above expectations.

Still from domestic economic data, BI is scheduled to release data on the Consumer Confidence Index (IKK) in July 2023. For information, the average IKK in Indonesia is above 125 during January-July 2023. IKK above 100 shows confidence conditions.

The stocks recommended for trading Tuesday include ACES, BRIS, BBTN, TKIM, ADRO, PTBA, ITMG, and HRUM.