Accompanied By Sentiment Of The Fed And Rupiah, JCI Is Projected To Strengthen To Test Level 7,200

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index is predicted to test the psychological level of 7,200 in today's trading, Thursday, July 4. Phintraco Sekuritas in his research said that the JCI today is estimated to be moving in the resistance range of 7,200, pivot 7,150, support 7,100.

Phintraco Sekuritas explained that the volume of trading on Wall Street, which tends to be muted on Wednesday, July 3, is because investors in the United States (US) tend to hold back on the last day ahead of holidays have the potential to limit the strengthening of the JCI.

Another factor comes from technical indications that the JCI today is in an overbought (RSI) condition, "wrote Phintraco Sekuritas.

From external, Phintraco Sekuritas said, there is a view that the Fed has the opportunity to cut the benchmark interest rate 3 times in 2024. This view is based on the latest statement by Fed Chairman Jerome Powell that the US economy is returning to the disinflation line on Tuesday 2 July.

"In addition, the latest data from the US labor sector is believed to strengthen this view," said Phintraco Sekuritas.

Responding to the above, Phintraco Sekuritas said, the Rupiah exchange rate rose to Rp16,365 per dollar, down 0.15 percent on Wednesday afternoon. The strengthening of the JCI is also believed to be the impact of easing the selling pressure of foreign investors in line with the economic recovery that is not as good as expected. The index of the services sector of China, Japan, Germany and the Euro Area has decreased in June 2024.

Meanwhile, Phintraco Sekuritas recommends five shares that can be served today, namely MYOR, ASSA, MTEL, SMBR and AGRO.