JCI Monday Projected Still Under Pressure, These Stocks Could Be References

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to still be hit by selling pressure in today's trading, Monday 11 November. Phintraco Sekuritas in his research said the JCI today will move in the resistance range of 7,430, pivot 7,330, and support 7,200.

Phintraco Sekuritas explained, DJIA touched 44,000 for the first time and the S&P 500 recorded a new high on Friday 8 November. The strengthening continued the rally of Wall Street indexes after the election. Wall Street was also driven by a 25 bps cut in the Fed's benchmark interest rate and instructions from Fed Chairman Jerome Powell regarding continued cropping opportunities, particularly in 2025.

Phintraco Sekuritas assessed that market players in Indonesia are still trying to find bottom levels after a series of events that suppress market confidence levels. Domestically, economic growth slowed to 4.95% yoy in the third quarter of 2024.

"From the external side, Donald Trump's victory in the US election sparked concerns about the outlook for a global economic outlook with his inward looking policy," wrote Phintraco Sekuritas.

On the other hand, Phintraco Sekuritas said the results of the FOMC and Powell's instructions above reduced selling pressure, but there was no excessive euphoria. The Rupiah exchange rate continued to strengthen to Rp15,665 per US dollar until Friday afternoon.

Technically, Phintraco Sekuritas explained, the JCI had recorded a rebound of more than 1 percent to 7,350 at the start of trading Friday. Unfortunately, the JCI closed by forming an inverted hazard pattern at the level of 7287.1. This movement indicates that the JCI has not been able to get out of the selling pressure.

"It seems that the domestic market still needs time to digest/response to the above sentiments," explained Phintraco Sekuritas.

Phintraco Sekuritas recommends seven stocks, namely ADMR, INCO, SSIA, ICBP, PNLF, ARTO, and EMTK.