Market Players Still Wait And See, JCI Corrections May Still Happen Today

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) closed down 33.17 points or 0.40 percent to the 8,241 level on Tuesday, November 4 trading. Kiwoom Sekuritas in his research said that the weakening of the index was in line with the profit-taking action due to the weakening of the Rupiah against the United States (US) dollar.

"And the attitude of market players who tend to wait and see face a number of important economic data this week," explained Kiwoom Sekuritas' research.

Rupiah's appreciation of the US dollar in line with Bank Indonesia's aggressiveness in cutting interest rates by 150 basis points from September 2024 to October 2025. Kiwoom Sekuritas said the loose monetary policy made the spread of interest rates with the Fed narrower, thus adding to the sensitivity of the Rupiah to the US dollar.

"In addition, the Fed's attitude in signaling mixed regarding the possibility of cutting interest rates in December 2025 also adds to uncertainty in the market," Kiwoom Sekuritas explained.

Other factors came from the release of financial performance in the third quarter of 2025, a number of issuers that tended to slow down, as well as weakening global commodity prices.

"Gold prices fell below the level of $ 4,000 per troy ounce and crude oil prices fell 1.4 percent due to oversupply concerns from OPEC+," Kiwoom Sekuritas explained.

In terms of technicality, the weakening of the JCI is still classified as technical correction after testing the strong resistance area at 8,330-8,350.

"MACD indicators show negative divergence against the index, confirming the potential for short-term weakening," he said.

For today's trading, Kiwoom Sekuritas estimates the JCI will move mixed to weaken in the support range of 8,150 and resistance 8.320. From the outside, the market will look forward to the release of US job JOLTs data. If the data weakens, the Fed's chances of loosening monetary policy could open and become a positive catalyst for the stock market.

Kiwoom Sekuritas recommends MEDC shares with a trading buy area at support 1,330 and resistance at 1,500, as well as AKRA at support 1,210 and resistance at 1,350.