All three major indices on Wall Street closed higher on last weekend. During November 2024, these indices also saw gains: the Dow Jones increased by +7.54% mom, the S&P 500 rose by +5.73% mom, and the Nasdaq Composite gained +6.21% mom. As a result, for the January-November 2024 period, the Dow Jones is up +19.16% ytd, the S&P 500 is up +26.47% ytd, and the Nasdaq Composite is up +28.02% ytd. Last weekend, the indices strengthened amidst shorter trading hours due to the start of the holiday shopping season, also known as Black Friday. Positive sentiment was partly driven by a Bloomberg report stating that the Biden administration is considering imposing additional restrictions on semiconductor sales to China, which are less severe than originally expected, boosting chipmaker stocks.

This week, key U.S. economic indicators to be released include the ISM Manufacturing Index, ADP Employment Change, ISM Non-Manufacturing Index, Nonfarm Payrolls, and the Unemployment Rate. Domestically, economic data to be released include the Manufacturing PMI, November inflation, October tourist visits, and foreign exchange reserves.

During November 2024, the JCI declined by 6.07% mom. As a result, for the January-November 2024 period, the JCI was down by 2.18% ytd. On Friday, November 29, 2024, the JCI closed lower by 1.19% at 7,114. The energy sector recorded the largest correction, while the consumer cyclical sector showed the largest gain. Foreign investors recorded a net sell of IDR 1.889 trillion, including transactions on the non-regular market. In today’s trading, the JCI is expected to move within the support range of 7,070/7,035 and resistance at 7,135/7,170. Stock picks: ASII, TLKM, ISAT, EXCL, ANTM, MDKA, TINS, TAPG.

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