JCI Monday Projected To Rebound, These Six Stocks Could Be Options

JAKARTA - The Composite Stock Price Index (JCI) is projected to strengthen back or rebound today, Monday 18 November. Phintraco Sekuritas in its research estimates that the JCI will move in the resistance range of 7,250, pivot 7,200, and support 7,150.

Phintraco Sekuritas explained that Wall Street's indexes weakened last Friday in response to the latest speech by Fed Chairman Jerome Powell. Because, Powell stated that the Fed does not need to rush to cut the benchmark interest rate. This confidence is based on the condition of the US economy which is considered still solid.

Powell's statement was supported by another Fed official, Susan Collins. Economic data shows retail sales growth of 2.85 percent yoy in October 2024, much higher than 1.98 percent yoy in September 2024," wrote Phintraco Sekuritas.

Phintraco Sekuritas mengatakan, terhentinya reli di Wall Street dapat membuka peluang technical rebound IHSG hari ini. Data ekonomi menunjukkan pertumbuhan ekspor (+10,25 persen yoy) dan Ingreduk (+17,49 persen yoy) Indonesia yang signifikan di Oktober 2024 dibanding realisasi September 2024.

"This data strengthens indications that global trade is starting to improve, especially in ASEAN and China," explained Phintraco Sekuritas.

Phintraco Sekuritas added, domestically, the focus of the market will be on the BI RDG on November 20, 2024. BI is expected to hold the benchmark interest rate at 6 percent, although the Fed cut the benchmark interest rate by 25 bps last week.

"This is considered to reflect BI's doubts about the Fed Rate's chance of cutting the Fed in December 2024," said Phintraco Sekuritas.

Phintraco Sekuritas recommends six selected shares for today, namely JPFA, TINS, ADRO, MAIN, MTEL, and ISAT.