JCI Tuesday Potentially Weakening To Level 7,000, Check Out Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) has the potential to weaken again in today's trading, Tuesday, December 3, after yesterday's decline of 0.95 percent to the level of 7,046.99.

Phintraco Sekuritas in his research explained that technically, there was a negative slope widening in the MACD indicator while the Stochastic RSI indicator penetrated the pivot area.

"So we project that the JCI will weaken and test the psychological level of 7,000 in Tuesday's trading," explained Phintraco Sekuritas.

JCI movement will be influenced by global sentiment, one of which is the release of the United States' Job Openings and Turnover Survey (JOLTS) data which is projected to increase.

The analyst consensus projects that US JOLTS data will rise slightly from 7.44 million in September 2024 to 7.49 million in October 2024. Where, the September 2024 figure is the lowest figure since January 2021.

"This figure also reflects the slowdown in the labor market, with the biggest decline occurring in the health and government sectors. However, the number of recruitment and layoffs remains stable," explained Phintraco Sekuritas.

Meanwhile, MNC Sekuritas analyst Herditya Wicaksana projects that the JCI is prone to continuing its corrections with a support range at 6,998 and resistance at 7,118.

He assessed that the JCI movement would still be influenced by the movement of the rupiah exchange rate against the US dollar, which is estimated to be still vulnerable to weakening after the contraction of Indonesia's Manufacturing PMI data release.

In November 2024, Indonesia's Manufacturing PMI data is still in a contraction position, which is 49.6. This position has been going on for five consecutive months since July 2024.

Herditya said investors could pay close attention to the following potential cuan stocks, namely SIDO, ICBP, and PANI.