JCI Thursday Is Projected To Weaken Limited, Check Out Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) closed down 0.48 percent or 36.75 points 7,569.85 at the end of trading on the Indonesia Stock Exchange (IDX), Wednesday, October 30. JCI has weakened in six consecutive days. So what about the JCI movement today, Thursday, October 31?

Head of Customer Literation and Education Kiwoom Sekuritas Indonesia, Oktavianus Audi estimates that Thursday's JCI movement will weaken limited to the support level range of 7,502 and resistance to 7,660 with MACD indicators showing weakening trends, in line with RSI moving lower to the oversold area.

According to Audi, the market is still influenced by the release of issuers' performance in the third quarter of 2024, where several companies show performance below market expectations, thus encouraging price weakness.

"In addition, strengthening the price of gold amid expectations of cutting the interest rate after the release of the weakening United States (US) labor data has made investors shift to safe havens assets," said Audi.

Meanwhile, Audi recommends a speculative buy of shares of PT J Resources Asia Pacific Tbk (PSAB) with support of IDR 310 per share and resistance of IDR 380 per share. Then, he also recommended a speculative buy of shares of PT Aneka Tambang Tbk (ANTM) in support of IDR 1,590 per share and resistance of IDR 1,705 per share.