JCI Tuesday Backscattering, These Are Some Recommended Shares

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is expected to rebound to 7,030-7,050 in today's trading, Tuesday, December 6.

The Phintraco Sekuritas Research Team estimates the JCI resistance will be at the level of 7,100, with support at the level of 7,000 in today's trading. A number of external positive sentiments have the potential to trigger the JCI rebound during today's trading.

Phintraco Sekuritas sees the JCI as likely to rebound to the pivot range of 7,030-7,050, especially if it returns to a psychological level of 7,000.

One of the external sentiments in question is the 47th decline in China Caixin Composite PMI in November 2022 from 48.3 in October 2022. This decline is considered to have the potential to trigger acceleration of the easing of COVID-19 restrictions in a number of areas in China.

"This triggers continued rebounds in commodity prices, including oil, gas and coal," wrote the research Phintraco Sekuritas.

The increase in energy commodity prices was also driven by OPEC+'s decision to maintain production volume cuts of 2 million barrels per day from November 2022 to 2023.

Considering the sentiment above, Phintraco Sekuritas recommends market participants to be able to pay close attention to opportunities for buy on support in ADRO, PTBA, ITMG and PGAS. Buy on support opportunities can also be observed outside of energy stocks, such as BBCA, BBRI, CPIN and KLBF.