Five Shares Could Be A Choice Amid The Fluctuation Of The JCI This Week

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to fluctuate this week and move in the resistance range of 7,230, pivot 7,150, and support 7,100.

Phintraco Sekuritas in his research said that technology stocks, especially semiconductor producers, were the mover of Wall Street indexes on Friday, November 29. This strengthening was triggered by the Joe Biden Government's new policy package regarding restrictions on semiconductor sales to China which were looser than expected.

"Together with this strengthening, S&P 500 recorded the best monthly performance in 2024," wrote Phintraco Sekuritas.

Meanwhile, Phintraco Sekuritas said the JCI weakened by 1 percent in trading last Friday following the continued net sell of foreign investors ahead of the effective review of the latest MSCI index. External pressure comes from bullish trends on Wall Street indicating a high market appetite for equity in the US.

The weakening of the Rupiah exchange rate is one of the main risk factors faced by Indonesia. One of the triggers came from the statement of a number of high-ranking central bank officials in Europe who warned of the potential higher-for-longer condition of the benchmark interest rate in 2025 in line with expectations of increasing the intensity of trade wars," added Phintraco Sekuritas.

Domestically, Phintraco Sekuritas said, markets are worried about the limited impact of social programs such as Free Nutrition Food (MBG) after the budget per portion is reduced to IDR 10,000 per pack from IDR 15,000 per pack. This news coincides with the news that the planned increase in VAT to 12 percent in 2025 will be postponed.

These conditions are expected to trigger JCI fluctuations to consolidate an area of 7,100-7,230 this week. Stocks that can be observed include EXCL, BFIN, ASSA, PNLF, TAPG, and MAPI," explained Phintraco Sekuritas.

Technically, Phintraco Sekuritas explained, the JCI had recorded a rebound of more than 1 percent to 7,350 at the start of trading last Friday. Unfortunately, the JCI closed by forming an inverted hazard pattern at the level of 7287.191.

The 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," said Phintraco Sekuritas.

Phintraco Sekuritas added that these stocks could also be options, namely ADMR, INCO, SSIA, ICBP, PNLF, ARTO and EMTK.