JCI Is Projected To Drop To 7,000s Today, Check Out Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to decline to a level of 7,000 in today's trading, Thursday 19 December. Phintraco Sekuritas in its research estimates the JCI will move in the resistance range of 7,130, pivot 7,075, and support 7,000.

Phintraco Sekuritas explained that the JCI is still vulnerable to continuing its weakening today. JCI today has a critical support level in the range of 7,030 and a psychological level of 7,000.

"Be aware of the potential for weakening to that level range today and tomorrow," wrote Phintraco Sekuritas.

Phintraco Sekuritas said that the main negative sentiment certainly came from the statement of hawkish Head of the Fed Jerome Powell. The statement indicates that next year's cuts will be slower than market forecasts. This is because the Fed has cut the benchmark interest rate by 50 bps in November and December 2024 and the Fed's tendency to be more cautious.

Phintraco Sekuritas added that the surge in the yield of United States (US) bonds is expected to trigger the continued capital outflow from the Indonesian capital market.

"BI's decision to hold the benchmark interest rate at 6 percent is estimated to have a limited impact on this, especially in the short term," explained Phintraco Sekuritas.

Phintraco Sekuritas recommends five stocks amid the pressure of the JCI today, namely SSIA, ACES, ANTM, HRUM, and TINS.