JAKARTA - The Composite Stock Price Index (JCI) is predicted to be corrected today, Wednesday, October 2. Phintraco Sekuritas in its research estimates that the JCI will move in the resistance range of 7,700, pivot 7,650, support 7,600.
Phintraco Sekuritas explained that the JCI is expected to correct today, continuing fluctuating conditions in the last 2 days.
"The JCI today has the potential to be corrected again to the range of 7,580-7,600," wrote Phintraco Sekuritas.
Phintraco Sekuritas added that the Panjang holiday of the Chinese stock exchange is estimated to have an impact on reducing selling pressure or capital outflows from the Indonesian capital market.
"However, the spike in oil prices in line with the potential acceleration of the escalation of geopolitical conflicts in the Middle East has the potential to suppress the JCI today," added Phintraco Sekuritas.
Domestically, Phintraco Sekuritas said, core inflation rose to 2.09 percent yoy in September 2024 from 2.02% yoy in August 2024. This condition indicates the positive impact of easing monetary policy on public consumption in Indonesia and stability of food and energy prices in September 2024.
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Thus, Phintraco Sekuritas said, the market can still hope for household consumption as a support for economic growth in the third quarter of 2024. The market hopes that economic growth can still be maintained above 5 percent yoy in that period.
"This data is scheduled to be released on November 5, 2024," explained Phintraco Sekuritas.
Phintraco Sekuritas recommends five stocks that investors can observe today, namely BBCA, BBTN, ASII, AALI and LSIP.
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