JCI End Of Week Potentially Depressed, What Shares Are Recommended?

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) ended in the red zone at the end of trading Thursday 5 October. Whereas throughout the day the JCI moved in the green zone.

Phintraco Sekuritas in his research explained, technically the JCI formed an inverted dragonfly doji pattern which implies there is a fairly large selling pressure.

On the other hand, market participants are anxiously awaiting the release of US employment data which is scheduled to be published on Friday, October 6 evening.

"This is a concern because US employment data is one of the data that determines the direction of the Fed's policies in addition to inflation," explained Phintraco Sekuritas research.

The CME FedWatch Tools recorded an opportunity to increase the Fed Rate in FOMC 1 November 2023 by 20.5 percent. Meanwhile, in December 2023 the potential for an increase in interest rates reached 33 percent.

"Thus, the market speculates that the Fed will again hold back the increase in the benchmark interest rate at FOMC November 2023," explained the research of Phintraco Sekuritas.

The top picks of Phintraco Sekuritas fell to the shares of PT Erajaya Swasembada Tbk (ERAA), PT AKR Corporindo Tbk (AKRA), PT Industri Jamu and Pharmacy Sido Muncul Tbk (SIDO) and PT Unilever Indonesia Tbk (UNVR).