After Labor Day Holidays, JCI Is Predicted To Weaken Today

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) rose 1.10 percent to the level of 7,234.20 on Tuesday, April 30. After the day off of workers, analysts predict the JCI is prone to corrections today, Thursday, May 2.

Phintraco Sekuritas in his research said that market sentiment and the direction of the JCI on Thursday's trading will be influenced by the results and projected interest of the Fed which was announced at the The Federal Open Market Committee (FOMC) meeting on May 1- 2, 2024.

The Fed is believed to hold benchmark interest rates at the level of 5.25%-5.5%, according to market majority expectations. However, the market hopes that there will be clues for opportunities to cut interest rates in the upcoming FOMC meeting. In addition, the existence of a Danish tone from the Fed is considered to reduce capital outflows from the Indonesian capital market.

Meanwhile, MNC Sekuritas said the transportation index (IDX Transportation) and the energy index (IDX Energy) were sectors that supported the JCI on Tuesday, April 30. JCI will move to tend to be prone to corrections at support level 7,191 and resistance at 7,275 this Thursday.

JCI movement will be influenced by sentiment in the form of US job data releases. In addition, investors will also look forward to the Fed Fund Rate (FFR) decision.

"The movement of world commodity prices is still being observed by the market," explained MNC Sekuritas research.