JCI Is Projected To Move In The Range Of 7,075-7,125

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to strengthen again in today's trading, Friday, January 17, after yesterday's rise of 0.39 percent or 27.96 points to the level of 7,107.52.

Phintraco in his research looked technically, the JCI formed a spining top pattern indicating the initial potential for consolidation in the short term.

"Therefore, we estimate the JCI will move in the range of 7,075-7,125 on Friday's trading," wrote Phintraco Sekuritas.

The strengthening of the JCI on Thursday was supported by the rebound of banking stocks that responded positively to Bank Indonesia's decision to cut the benchmark interest rate by 25 bps.

However, the weakening of the rupiah exchange rate continued until Thursday afternoon to reach the level of Rp. 16,335 or rose 0.25 percent.

For the next trade, the market is looking forward to releasing data on China's fourth quarter of 2024 Gross Domestic Product (GDP) which is projected to grow by 5 percent from the previous level of 4.60 percent in the third quarter of 2024.

The projected increase in GDP is in line with the estimated increase in retail sales in December which reached 3.50 percent YoY compared to November which was at the level of 3.30 percent YoY.

Then, data on the level of industrial utilization capacity in the fourth quarter of 2024 is also estimated to increase slightly to 75.30 percent from the previous quarter which was at the level of 75.10 percent.

Meanwhile, Phintraco Sekuritas recommends five stocks for today's trading, namely TOWR, BRPT, UNVR, MYOR, and ASSA.