Today There Is An Inauguration Of The Minister Of The Red And White Cabinet Prabowo-Gibran, JCI Predicted To Strengthen
JAKARTA - The Composite Stock Price Index (JCI) will fluctuate in today's trading, Monday, October 21. Phintraco Sekuritas in its research estimates that the JCI will move in the resistance range of 7,830, pivot 7,750, and support 7,650.
Phintraco Sekuritas explained that Wall Street indexes recorded strengthening on Friday, October 18. Along with this strengthening, Wall Street recorded a sixth consecutive weekly strengthening.
"Strengthening is driven by the market's positive response to the financial performance of the third quarter of 2024 which is better than expected from a number of companies in the US, such as Netflix and Procter & Gamble," wrote Phintraco Sekuritas.
Ahead of the US election on November 5, 2024, Phintraco Sekuritas said, the majority of polls still outperform Donald Trump. One of Trump's main donors stated that Trump is preparing for a 14% increase in federal spending compared to 2024.
"This policy is an expansive policy to support the outlook for economic growth," said Phintraco Sekuritas.
Still related to changes in leadership, Phintraco Sekuritas said, the market in Indonesia also responded to Prabowo-Gibran's inauguration as President-Vice President on October 20, 2024 and the announcement of the names of the Ministers in the new cabinet. Furthermore, the inauguration of the Minister will be held today, Monday 21 October.
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From external, Phintraco Sekuritas said, People's Bank of China (PBOC) is expected to again cut the benchmark interest rate. This policy may trigger an increase in capital outflows in the short term from the Indonesian capital market.
"Thus, today's JCI is estimated to fluctuate below 7,800 and fluctuate in the range of 7,650-7,830 this week," explained Phintraco Sekuritas.
Phintraco Sekuritas recommends six stocks that investors can choose today, namely RALS, BBYB, MYOR, ESSA, INKP, and BUKA.