JCI On The First Day Of November Potentially Weakening, Check Out Stock Recommendations

JAKARTA - The Composite Stock Price Index (JCI) is prone to weakening again in today's trading, Friday 1 November. Phintraco Sekuritas in its research estimates that the JCI will move in the resistance range of 7,630, pivot 7,570, and support 7,500.

Phintraco Sekuritas explained that the JCI today is prone to weakening again and testing the support area of 7,500-7,550 this weekend. This follows a significant weakening of the majority of the global index in trading last Thursday.

"Nevertheless, the weakening of the possibility of entering the bottom area in the support range," wrote Phintraco Sekuritas.

Phintraco Sekuritas added that large, capitalized bank stocks that were depressed in the past week began recording a technical rebound on Thursday, October 31. This condition is based on the belief in cutting the Fed's benchmark interest rates in November and December 2024.

"The movement of the latest CME FedWatch Tools survey results indicates that, even though the Fed withheld the benchmark interest rate in November, it is believed that the Fed still has a chance to cut the benchmark interest rate by 50 bps in December 2024," explained Phintraco Sekuritas.

Domestically, Phintraco Sekuritas said, the main factor is still related to the realization of financial performance in the third quarter of 2024 from issuers on the Indonesia Stock Exchange (IDX).

"The majority of blue chip shares have reported their third quarter of 2024 financial performance this week, the majority relatively according to market estimates," said Phintraco Sekuritas.

Phintraco Sekuritas recommends five stocks that could be used as a reference for investors today, namely PTBA, PGAS, MBMA, CPIN and SCMA.