This Is The Prediction Of JCI Movement Thursday, 5 Stocks Are Recommended

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) closed in the red zone on Wednesday's trading. JCI fell 109.79 points or 1.63 percent to 6,642.41.

Phintraco Sekuritas in his research saw that the weakening of the JCI on Wednesday was triggered by a number of unsatisfactory domestic economic data.

The manufacturing index fell to 51.5 in October 2023 from 52.3 in September 2023. Then, core inflation fell to 1.91 percent on an annual basis in October 2023, from the previous 2 percent on an annual basis in September 2023.

This condition indicates a slowdown in manufacturing and consumption activities in Indonesia in October 2023.

"From the region, according to Caixin, China's manufacturing index fell to 49.5 in October 2023, from the previous 50.6 in September 2023," explained research by Phintraco Sekuritas.

JCI in Thursday's trading is projected to move at resistance at 6,700 and support at 6,610, with a pivot at 6,660.

The market focus is still focused on the release of the results of the FOMC meeting on Thursday morning WIB. The Fed is believed to still hold the benchmark interest rate at the level of 5.25-5 percent.

"However, the policy direction of the Fed in 2024 has the potential to determine the direction of the market," he explained.

For domestic sentiment, of the 104 issuers who have released financial statements in the third quarter of 2023, 45 percent recorded net profit growth. Meanwhile, another 55 percent experienced a decrease in net profit until the third quarter of 2023.

The stocks that can be observed in Thursday's trading include MDKA, ICBP, TSPC, BIRD, and BBCA.