JCI Is Projected To Drop To 6,400 On Wednesday

JAKARTA - The Composite Stock Price Index (JCI) is projected to fall to the level of 6,400a in today's trading, Wednesday 12 December. Phintraco Sekuritas in his research said the JCI today will move in the resistance range of 6,700, pivot 6,550, and support 6,400.

Phintraco Sekuritas explained that the JCI fluctuated in the range of 6,550 on Tuesday which is a pivot level based on the JCI movement since 2021. This means that the confirmation of the breaklow of 6,550 validates indications of the loss of JCI momentum and has the potential to continue the bearish trend.

"For now, be aware of the psychological level of the JCI today at 6,500 before the next support level at 6,400," wrote Phintraco Sekuritas.

According to Phintraco Sekuritas, the market was disappointed with the realization of Indonesia's Consumer Confidence Index (IKK) at 127.2 in January 2025 which was lower than expected in 128 and from December 2024 to 127.7.

In fact, continued Phintraco Sekuritas, this data is one of the great expectations of market participants to reduce selling pressure in the Indonesian Capital Market. The market was initially quite confident with IKK January 2025 based on a number of fiscal and monetary stimulus in early 2025.

Meanwhile, in external sentiment, Phintraco Sekuritas said, the market anticipates US inflation data which is expected to be stuck at 2.9 percent in January 2025. The rate of inflation reduction is feared to be disrupted by potential trade wars triggered by US import rates.

"This condition causes the Fed to maintain Hawkish's view in the latest speech by Fed Chairman Jerome Powell (10-11 February 2025)," explained Phintraco Sekuritas.

Phintraco Sekuritas recommends five shares in today's trading, namely AUTO, MBMA, LSIP, AMRT, and ACES.