External Turbulence Presses JCI Today, Check Out Stock Recommendations

JAKARTA - The Composite Stock Price Index (JCI) is projected to weaken due to turmoil today, Friday 22 November. Phintraco Sekuritas in the research estimates the JCI will move in the resistance range of 7,175, pivot 7,150, and support 7,100.

Phintraco Sekuritas explained that the JCI yesterday indicated that it had not been able to get out of the selling pressure and consolidation area below 7,180 (MA5) with weakness.

"Thus, today's JCI is expected to fluctuate again in the range of 7,100-7,180," wrote Phintraco Sekuritas.

From external, Phintraco Sekuritas added, the market will be busy with a series of economic data in Europe, especially manufacturing activities in November 2024. In addition, several ECB officials are also scheduled to still deliver their speeches until tonight.

"The market has prepared the worst possibility, namely the ECB delays cutting the benchmark interest rate in December 2024 and the less-aggressive in 2025, in line with the steps the Fed may take," said Phintraco Sekuritas.

Phintraco Sekuritas said that domestic economic data showed the Surplus of the Indonesian Trade Balance (NPI) entering the 54th month in a row. This condition was supported by growth in export value by 10.69 percent yoy in October 2024.

"Unfortunately, this condition has not been able to significantly reduce the sale and purchase of Foreign Investors in trading last Thursday," said Phintraco Sekuritas.

Phintraco Sekuritas recommends five stocks that have the potential to pay today, namely DOID, ANTM, TLKM, JSMR and BRMS.