JCI On Tuesday Potentially Weakening Again, Check Out Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is predicted to fall to around 7,400 today, Tuesday, October 1. Phintraco Sekuritas in its research estimates that the JCI will move in the resistance range of 7,680, pivot 7,600, and support 7,500 today.

Phintraco Sekuritas explained that the weakening on Monday, September 30, validates minor bearish indications of reversal. If the weakening continues, be aware of the target level of the minor bearish reversal in the range of 7,400. Indications of the potential for the continued bearish reversal are significant net sell foreign investors.

"However, today's JCI has the potential to rebound to the range of 7,550-7,580 in conjunction with the Chinese exchange holiday," wrote Phintraco Sekuritas.

As for external sentiment, Phintraco Sekuritas said, especially from the Asian region, it is estimated that it still dominates. The improvement in Indonesia's manufacturing index to 49.5 in September 2024 from 48.9 in August 2024 and the realization of inflation which is still stuck in the range of 2 percent is believed to have no significant impact on the JCI today.

"The market will still anticipate macro data, in the form of economic growth in the third quarter of 2024 in early October 2024," explained Phintraco Sekuritas.

Returning to external, Phintraco Sekuritas stated, the market will pay close attention to the realization of inflation in the Euro Area and manufacturing index in the United States (US).

Phintraco Sekuritas recommends five shares for today, namely ENRG, AKRA, PSAB, RAJA, and TOWR.