JCI Friday Prone To Profit Taking, These Stocks Could Be An Option

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is predicted to be prone to profit-taking today, Friday October. Phintraco Sekuritas in its research estimates that the JCI will move in the resistance range of 7,750, pivot 7,700, and support 7,650.

Phintraco Sekuritas explained that the market was still responding to BI's decision to hold the benchmark interest rate and instructions for the opportunity to cut the BI benchmark interest rate by indications of accumulating sensitive shares, especially the bank on Thursday. This supported the strengthening of the JCI yesterday's continued strengthening to test the level of 7,750.

Technically, the positive widening of the MACD slope continues, but there are indications of rotation to second liner stocks. Therefore, stay alert to the potential profit taking of the JCI today. Pay attention to the critical pivot level 7,700," wrote Phintraco Sekuritas.

Phintraco Sekuritas added that the latest economic data showed a weakening of Japan's export value by 1.7 percent yoy in September 2024 (vs. Estimated up 0.5 percent yoy) and a slowdown in Japanese import value to 2.1 percent yoy in the same period (vs. estimated up 3.2 percent yoy).

Previously, similar conditions were also recorded by the US. These latest data strengthen indications of a world trade decline at the end of the third quarter of 2024, "added Phintraco Sekuritas.

Domestically, Phintraco Sekuritas said the focus of the market was on the inauguration of the President and Vice President elected on October 20, 2024. On the same day, the names of the new cabinet fillers will be announced for later inauguration on October 21, 2024.

The stocks recommended by Phintraco Sekuritas today are ENRG, BRPT, ASII, BRIS and MDKA.