JAKARTA - The Composite Stock Price Index (JCI) is projected to continue strengthening in today's trading, Wednesday, October 9. Phintraco Sekuritas in its research estimates the JCI will move in the resistance range 7,600, pivot 7,550, support 7,500.
Phintraco Sekuritas explained that the JCI today is expected to continue strengthening to around 7,600-7,630. Technically, a morning star doji pattern was formed yesterday, and a golden cross was formed on MACD.
Both of them are strong indications of minor bullish reversal, "wrote Phintraco Sekuritas.
Phintraco Sekuritas added that the capital outflow from the Indonesian capital market has subsided and is expected to continue for some time to come. This was triggered by market disappointment at the statement of the China National Development and Reform Commission which was considered to close major fiscal stimulus opportunities in the near future.
"This condition triggers a significant weakening of the indexes in East Asia, especially HSI down 9.41 percent and Nikkei down 1 percent which had recorded rally during China's capital market off," explained Phintraco Sekuritas.
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According to Phintraco Sekuritas, the above sentiment also triggers significant pullback at petroleum prices. The pullback dampened speculation about opportunities for an increase in subsidized fuel prices in the fourth quarter of 2024.
Phintraco Sekuritas recommends five stocks that investors can look at, namely BBNI, BBRI, BBTN, BNGA and ICBP.
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