JCI Monday Potentially Rebound, Six Shares Recommended By Analysts

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is predicted to rebound in today's trading, Monday 7 October. Phintraco Sekuritas in its research estimates that the JCI will move in the resistance range of 7,550, pivot 7,500, support 7,450.

Phintraco Sekuritas explained that Nasdaq shot up 1.22 percent leading the strengthening of the majority of the Wall Street index on Friday. This strengthening was triggered by the decline in the US Unemployment Rate to 4.1 percent in September 2024 from 4.2 percent in August 2024.

The decline was in line with the increase in the US Nonfarm Payrolls to 254,000 in September 2024 from 159 thousand in August 2024 and much higher than expected in 147 thousand.

"The US economic data reduces market concerns about the escalation of geopolitical conflicts in the Middle East which some observers say reached the highest level of tension since the Gulf War in the early 90s," wrote Phintraco Sekuritas.

Phintraco Sekuritas added that the JCI today is estimated to move in the range of 7,450-7,550 this week. JCI today has the opportunity for a technical rebound to over 7,500 at the beginning of the week.

"However, the development of the geopolitical situation and the price of energy commodities, especially oil, will overshadow the JCI this week," said Phintraco Sekuritas.

Domestically, Phintraco Sekuritas said, the market anticipates foreign exchange reserves data as of September 2024 earlier this week.

"Devisa reserves are expected to increase, in line with strengthening the Rupiah exchange rate, capital inflow and improving export performance," added Phintraco Sekuritas.

Furthermore, Phintraco Sekuritas said, the September Consumer Confidence Index (IKK) which will be released on Tuesday, October 8 is estimated to remain in the range of 124. For information, the IKK in August is 124.4 vs. estimates in September of 124.5.

IKK data that is stable strengthens public consumption confidence is still maintained, after core inflation rose to 2.09 percent yoy in September 2024 from 2.02 percent yoy in August 2024.

Meanwhile, Phintraco Sekuritas recommends six stocks that investors can look at today, namely ISAT, CPIN, LSIP, PGEO, KLBF, and BRIS.