JAKARTA - The Composite Stock Price Index (JCI) is predicted to test its highest level or resistance in today's trading, Wednesday, September 25. Phintraco Sekuritas in its research estimates the JCI will move in the resistance range of 7,800, pivot 7,750, and support 7,700.
Phintraco Sekuritas explained that regional sentiment from the planned monetary stimulus by China's central bank also supported the JCI's rally or bullish momentum.
"Thus, the JCI today still has a chance to return to the resistance test and a psychological level of 7,800," wrote Phintraco Sekuritas.
Phintraco Sekuritas added that the plan to loosen monetary policy is in line with increasing pressure from domestic and external economists on the Chinese government to immediately increase stimulus, both fiscal and monetary.
"Nevertheless, the potential for increased trade wars between the United States (US) and China needs to be observed. This follows the possibility of banning the use of automotive components from China and Russia by automotive manufacturers in the US," explained Phintraco Sekuritas.
Domestically, Phintraco Sekuritas said, the market anticipates the realization of economic growth in the third quarter of 2024 in the first week of October 2024. Furthermore, the market anticipates the financial performance of the third quarter of 2024 from issuers at the IDX, as well as the inauguration of the President and Vice President on October 20, 2024.
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"These things can be key factors against potential bullish continuation at the JCI in October," explained Phintraco Sekuritas.
Meanwhile, Phintraco Sekuritas recommends six shares for today, namely MDKA, INCO, TINS, LSIP, PTPP, and UNVR.
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