JAKARTA - The Composite Stock Price Index (JCI) is predicted to continue strengthening today, Monday, October 14. 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 Wall Street's indexes strengthened significantly on Friday 11 October. S&P 500 recorded a level of 5,800 for the first time in history. The strengthening was supported by better financial performance in the third quarter of 2024 than expected from a number of large companies, including JPMorgan Chase and Wells Fargo.
In addition, the market also responded to a downward trend in inflation from the decline in Producer Price Index to 1.8 percent yoy in September 2024 from 1.9 percent yoy in August 2024. Regarding this condition, the CME FedWatch Tools recorded 90 percent chance of cutting 25 bps in the FOMC November 2024, "said Phintraco Sekuritas.
According to Phintraco Sekuritas, the JCI maintained its position above the psychological level of 7,500 last Friday. In line with this movement, the narrowing of the negative slope in MACD is still ongoing. Thus, today's JCI has the opportunity to continue the technical rebound to the range of 7,550-7,580.
"However, the development of a number of external sentiments will affect the JCI movement in the rest of this week," said Phintraco Sekuritas.
BACA JUGA:
Phintraco Sekuritas added that the market focused on the press conference of China's Ministry of Finance regarding fiscal policy and economic growth in China on Saturday, October 12.
Meanwhile, from within the country, Phintraco Sekuritas said, Indonesia's Trade Balance is estimated to have a surplus of USD 3.1 billion in September 2024 which was released on Tuesday, October 15.
"Then the market is also waiting for the RDG Bank Indonesia (BI) meeting regarding the determination of interest rates and credit growth in Indonesia on Wednesday, October 16," explained Phintraco Sekuritas.
Phintraco Sekuritas recommends six shares for today, namely INTP, SMGR, PWON, ARTO, PGAS, and HRUM.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
Most Popular Tags
#ridwan kamil #israel #Palestine #pramono anung #election 2024Popular
