JAKARTA - The Composite Stock Price Index (JCI) closed up 33.98 points or 0.50 percent to 6,864.18 trading Thursday, July 20. As for the Associate Director of Research and Investment, Maximilianus Nico Demus projects that the JCI on Friday, July 21 has limited potential to strengthen with support and resistance of 6,840-6,888.
According to Nico, sentiment will come from Japanese inflation data. Nico recommended buying BTPN Syariah (BTPS) and Sumber Alfaria Trijaya (AMRT).
Meanwhile, Phintraco Sekuritas in his research said the JCI was still prone to correction on Friday. Phintraco projects the JCI on Friday will move in the support range of 6,780, resistance at 6,880, and pivot at 6,830.
Sentiment from external, namely the decline in UK inflation to 7.9 percent YoY in June 2023 (vs 8.7 percent YoY in May 2023) and Euro Area to 5.5 percent YoY in June 2023 (vs 6.1 percent YoY in May 2023) influenced market participants' expectations against the aggressiveness of central banks in Europe in future meetings.
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Domestically, ADB lowered Indonesia's inflation projection to 3.8 percent YoY in 2023 from its previous projection at 4.2 percent YoY. Thus, the impact of the price increase in a number of food commodities that is currently happening may be temporary.
Phintraco Sekuritas recommends investors to pay close attention to EXCL, PWON, BRIS, RMKE, HRUM, JSMR, ASII, and TLKM shares.
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