JCI Last Monday Strengthened, What About Today?

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) closed up 38.61 points or 0.56 percent to 6,963.39 at the end of trading Monday 11 September.

Phintraco Sekuritas in his research said that the JCI formed a spining bottom just above the MA20 in conjunction with Monday's rebound.

"This movement occurred in the oversold area at Stochastic RSI. Thus, the JCI maintains continued rebound opportunities to around 6,980 on Tuesday 12 September. JCI will move with support at 6,880 and resistance at 7,000," explained research by Phintraco Sekuritas.

Indications of domestic consumption recovery in China are one of the external positive catalysts. The latest indications came from the increase in the New Yuan Loans to CNY 1.36 trillion in August 2023 from CNY 345.9 billion in July 2023.

The easing of monetary and fiscal policies has begun to have an impact on increasing the amount of money in circulation which is expected to be followed by an increase in domestic consumption.

"Another data is the growth in vehicle sales in China by 8.4 percent yoy in August 2023," added research by Phintraco Sekuritas.

Domestically, market participants anticipate trade balance data in August 2023. The decline in export and import value is estimated to increase compared to July 2023, although there are indications of economic activity recovery in China.

The stocks recommended by Phintraco Sekuritas for today include PT Bank Rakyat Indonesia Tbk (BBRI), PT Kalbe Farma Tbk (KLBF), PT Mitra Keluarga Karya Sehat Tbk (MIKA), PT XL Axiata Tbk (EXCL), PT Ace Hardware Indonesia Tbk (ACES), PT Aneka Tambang Tbk (ANTM), and PT Media Nusantara Citra Tbk (MNCN).