JCI Has Fluctuating Potential Today, Check Out Stock Recommendations
JAKARTA - The composite stock price index (JCI) is projected to fluctuate today, Monday, February 3. In his research, Phintraco Sekuritas estimates that the JCI will move in the resistance range of 7,150, pivot 7,100, and support 7,050.
Phintraco Sekuritas said Wall Street Index weakened last Friday. Weakening was influenced by anticipation of the implementation of a new tariff policy to a number of US trading partners, particularly Canada, Mexico, and China on February 1, 2025.
Despite the above factors, Phintraco Sekuritas said Wall Street index movements were also influenced by market responses to the continued release of company financial performance reports in the US.
"Including Apple which corrected 0.7% in response to the realization of sales performance is not satisfactory, but repair services show satisfactory performance," wrote Phintraco Sekuritas.
Domestically, Phintraco Sekuritas said, surprisingly, Foreign Direct Investment (FDI) posted growth of up to 33.3 percent yoy in the fourth quarter of 2024, much higher than the realization of the third quarter of 2024 at 18.60 percent yoy.
The reason, continued Phintraco Sekuritas, historically, investment realization generally experienced a slowdown during the leadership transition.
The realization indicates investor optimism for 100 days of Prabowo-Gibran and validates the positive condition of other macro indicators in December 2024, "said Phintraco Sekuritas.
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Still from within the country, the market anticipates manufacturing and inflation index data in January 2025. Total inflation is expected to rise to 1.88 percent yoy in January 2025 from 1.57 percent yoy in December 2024.
"This strengthens the belief that better economic conditions in December 2024 will continue until the first quarter of 2025," explained Phintraco Sekuritas.
Phintraco Sekuritas predicts the JCI will fluctuate earlier this week, before potentially returning to a minor bullish trend with nearest resistance at 7,150-7,200 this week.
The stocks recommended for today are ESSA, INKP, INDF, ELSA, SRTG and BTPS.