JCI Monday Potentially Rebound, These Six Shares Could Be Options

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) has the potential to rebound in today's trading, Monday, November 4. Phintraco Sekuritas in its research estimates that the JCI will move in the resistance range 7,600, pivot 7,550, and support 7,500.

Phintraco Sekuritas said Wall Street's indexes turned higher on Friday 1 November. Strengthening was supported by market confidence in cutting the Fed's benchmark interest rate in the FOMC this week.

The trigger is the realization of the absorption of new workers in the United States (US) of 12 thousand in October 2024, much lower than market estimates in 100 thousand.

"Realization is also the lowest level since December 2020," wrote Phintraco Sekuritas.

For information, the relatively solid condition of the labor sector is one of the triggers for doubt over the aggressiveness of cutting the benchmark interest rate by the Fed in the remainder of 2024.

Domestically, Phintraco Sekuritas said that the weakening of the JCI last Friday was influenced by the adjustment of investor portfolios along with the effective LQ45, IDX80 and IDX30 indexes as a result of the latest review on Friday.

"Furthermore, the results of a major review by MSCI on November 7, 2024, are also likely to trigger JCI fluctuations," added Phintraco Sekuritas.

Meanwhile, from external means, Phintraco Sekuritas said the market tends to be careful ahead of the US Presidential Election (Pilpres) on November 5, 2024 and the FOMC the Fed announcement on November 9, 2024.

"The potential shocks of the two events sparked this cautious attitude," he explained.

Phintraco Sekuritas said that today's JCI has the potential to rebound at the beginning of the week in line with positive directions from global indexes. However, the JCI is expected to fluctuate again in the rest of the week depending on the sentiments of the major events above.

Phintraco Sekuritas recommends investors pay attention to six stocks, namely BBCA, ESSA, BMRI, PTPP, BFIN, and BRIS.