JCI Is Predicted To Correct On Wednesday, Check Out Recommended Stocks

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is predicted to be corrected in today's trading, Wednesday, August 16. JCI is expected to be traded at resistance at 6,950, pivot 6,880, and support at 6,830.

Phintraco Sekuritas in his research explained that the JCI today is estimated to be corrected to 6,850-6,880 amid various external negative sentiments. The significant weakening of Wall Street is thought to have a psychological effect.

"Moreover, tomorrow trading of shares in Indonesia is off to commemorate Indonesian Independence Day," wrote Phintraco Sekuritas.

Phintraco Sekuritas added that negative sentiment from China suppressed the JCI today. Realization of fixed asset investment, industrial production and sales of Chinese retailers in July 2023 is below expectations.

Domestically, Phintraco Sekuritas said, the NPI surplus fell to 1.31 billion US dollars in July 2023. The decline in surplus was caused by a decrease in the import value (8.32 percent yoy) in July 2023 which was smaller than expected (15.5 percent yoy). On the other hand, the export value decreased 18.03 percent yoy, relatively according to estimates.

"This condition strengthens the belief that domestic consumption is still solid," added Phintraco Sekuritas.

Phintraco Sekuritas recommends seven shares today. The seven stocks are ACES, ERAA, AKRA, EXCL, MEDC, SMRA and BSDE.