JCI On Wednesday Still Overshadowed By Negative Sentiment, Five Shares Could Be Options

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is still overshadowed by negative sentiment in today's trading, Wednesday, October 30. Phintraco Sekuritas in his research estimates the JCI will move in the resistance range of 7,630, pivot 7,600, and support 7,580.

Phintraco Sekuritas explained that the JCI broke the MA20 yesterday at 7,630. However, the JCI found a fairly strong psychological level at 7,600. However, today's JCI is overshadowed by negative directions from the majority of the global index.

"Thus, the JCI today is still vulnerable to continuing its weakening to return to the psychological level test of 7,600," wrote Phintraco Sekuritas.

Phintraco Sekuritas added that mixed conditions from the latest economic data in the United States (US) are expected to overshadow the movement of the Rupiah exchange rate this Wednesday. Still related to labor data, ADP Nonfarm Employment Change is estimated to fall to 101 thousand in October 2024 from 143,000 in September 2024.

"This data validates the JOLT's Job Openings data which shows that the condition of the labor sector in the US is not as strong as expected. This condition keeps the opportunity to cut interest rates at the FOMC next week," added Phintraco Sekuritas.

Domestically, Phintraco Sekuritas said, the focus will still be on the peak week of financial performance releases in the third quarter of 2024 this week. In addition, the market is still responding to the results of major IDX80, LQ45 and IDX30 reviews which will be effective on November 1, 2024, as well as the anticipation of major reviews by MSCI on November 7, 2024.

Phintraco Sekuritas recommends five shares for today, namely ISAT, JSMR, SMRA, PWON and DOID.