JCI Thursday Expected To Rebound, Five Stocks Recommended

JAKARTA - The Composite Stock Price Index (JCI) is projected to rebound in today's trading, Thursday, November 7, after yesterday closing in the red zone, aka falling 108.06 points or 1.44 percent to the level of 7,383.86.

Yesterday, as many as 197 stocks rose, 398 stocks fell and 195 stocks were stagnant. Phintraco Sekuritas saw that today's weakening of the JCI was a market response to Donald Trump's victory in the US election.

Donald Trump is reported to have obtained more than 270 electoral votes as of Wednesday 6 November afternoon. This condition reminds the weakening of the JCI that occurred in 2017 when Donald Trump won the US election for the first time.

The market tends to respond negatively, because it thinks Donald Trump's policy will trigger an increase in the intensity of the trade war with China. On the other hand, global trade recovery is urgently needed as part of the recovery of global economic growth.

Markets in Indonesia also seem to have more concerns about Donald Trump's victory this time. This is because Indonesia's trade relationship with the US is considered not to be at its best after Apple was banned from selling the iPhone 16 Series in Indonesia and Indonesia's plans to join the BRICS (Brazil, Russia, India, China and South Africa).

In addition, the market also anticipates the announcement of the MSCI major review on November 7, 2024. Thus, there will be a technical return opportunity for the JCI to be around 7,400 - 7,430 in today's trading.

Phintraco Sekuritas explained, the JCI will move at support level 7,330 and resistance 7,470, with a pivot at 7,400.

"Because, the Fed is believed to cut the benchmark interest rate by 25 basis points (bps) in the FOMC on November 6-7, 2024 which has the potential to be a positive sentiment for the JCI," he said.

Investors can pay close attention to buying on news opportunities, especially in bluechip stocks in today's trading. Stocks that can be observed according to Phintraco Sekuritas today, namely BBCA, MNCN, CPIN, EMTK, and AUTO.