JCI Tuesday Projected To Strengthen Towards 7,200

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index is predicted to strengthen in today's trading, Tuesday, April 30, after yesterday's surge of 119.7 points or 1.17 percent to the level of 7,155.7.

Phintraco Sekuritas in his research predicts the JCI yesterday rebounded when market participants waited and saw. JCI today is expected to move at 7,200 resistance, 7,150 pivot, 7,100 support.

Phintraco Sekuritas explained that the purchase accumulation could be carried out if the JCI today formed confirmation of the rebound to 7,200.

"The reason is, technically there is a critical resistance area at 7,175-7,200," wrote Phintraco Sekuritas.

Phintraco Sekuritas emphasized that market participants are still waiting and seeing, especially against FOMC on May 1, 2024 in the morning WIB. The existence of geopolitical conflict de-escalation efforts in the Middle East has the potential to continue to reduce commodity prices, especially petroleum to around US$ 80 per barrel.

"This condition has the potential to accelerate the expectations of the current timeframe cut of the Fed's benchmark interest rate in September," explained research by Phintraco Sekuritas.

Domestically, Phintraco Sekuritas said, the realization of economic growth in the first quarter of 2024 which will be released next week also has the potential to affect the flow of foreign investor funds. The Indonesian Ministry of Finance estimates that the realization of economic growth will be at 5.17 percent yoy in the first quarter of 2024, higher than 5.04 percent yoy in the fourth quarter of 2023.

"Capital outflows can be damped, if the realization is as expected, or is above expectations," explained Phintraco Sekuritas.

Phintraco Sekuritas recommends eight shares for today, namely TLKM, HRUM, TINS, INCO, MDKA, ANTM, MAPI and JSMR.