Thursday's JCI is Filled With Positive Sentiment, Check Out These Stock Recommendations from Analysts

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (IHSG) wallowed in the red zone during trading last Wednesday, October 18. JCI fell 0.17 percent or 11.71 points to 6,927.91 by the end of trading on the Indonesian Stock Exchange (BEI).

According to research by Phintraco Sekuritas, the JCI projection on Thursday 19 October will be influenced by positive sentiment originating from the realization of China's economic data, the majority of which are above expectations.

"Including economic growth of 4.9 percent year on year (YoY) in the third quarter of 2023, aka better than expected at the level of 4.4 percent YoY. Apart from that, retail sales growth of 5.5 percent YoY, which is higher than expected at 4.8 percent YoY," explained Phintraco Sekuritas research.

Domestically, the JCI is also influenced by market action which is still anticipating the results of the BI RDG, where Bank Indonesia is expected to hold its benchmark interest rate again at the level of 5.75 percent.

"However, the market is anticipating BI's view of future economic conditions, especially regarding the weakening trend in the rupiah exchange rate in the last month," added research by Phintraco Sekuritas.

JCI will fluctuate in the support range of 6,900 and resistance 7,000 on Thursday. The stocks that can be looked at include PGEO, SRTG, BBCA, HEAL, BIRD and SMRA.