Market Review and Prediction

Main indices on Wall Street closed mixed, with the Dow Jones index ending lower while the S&P 500 and Nasdaq Composite both closed higher at new record highs. The index movement remained largely sideways ahead of the release of nonfarm payroll data later this week. The market is also awaiting the Federal Reserve meeting on December 17-18. October job openings data was higher compared to the previous month. Meanwhile, crude oil prices strengthened ahead of the OPEC+ meeting on Thursday, where it is expected that production cuts will be maintained through the first quarter of next year.

The JCI closed higher by 2.11% at 7196 on Tuesday, December 3, 2024. The technology sector posted the largest gain, while the transportation sector was the only sector to decline. Foreign investors recorded a net buy of IDR 2.08 trillion, including transactions in non regular market. Today, the JCI is expected to move within the support range of 7150/7120 and resistance range of 7200/7230. Stock picks: BBCA, BMRI, BBRI, ASII, PGAS, BREN, AMMN, TLKM, ISAT.

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