JAKARTA - The Composite Stock Price Index (JCI) is predicted to fluctuate today, Thursday, October 3. Phintraco Sekuritas in its research estimates that it will move at 7,600 resistance, 7,550 pivot, and support 7,500.
Phintraco Sekuritas explained that the weakening of the JCI on Wednesday was relatively as expected, although more significant than expected.
"Today's JCI is expected to move limited to the current pivot range at 7,550," wrote Phintraco Sekuritas.
Phintraco Sekuritas said Wednesday's weakening may have been triggered by a market response to the surge in oil prices on Monday and Tuesday. Oil prices rose limited on Wednesday. Thus, the pressure on the JCI today is expected to subside.
For information, the surge in oil prices was generally responded to negatively because Indonesia was still a net importer of oil, so the global oil price spike was prone to triggering an increase in fuel prices in Indonesia.
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From economic data, Phintraco Sekuritas said, the market will respond to the service sector index in Japan, the Euro Area, Germany, and the US which are scheduled to be released today. Meanwhile, China's capital market is still on long holidays until October 8, 2024.
Meanwhile, Phintraco Sekuritas recommends six shares for today, namely HRUM, TINS, KRAS, ELSA, and MEDC.
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