Market Review and Prediction

The three major indices on Wall Street reached new all-time highs and closed at record levels. Technology sector stocks continued to strengthen. The November ADP Employment data showed a job gain of 146,000, lower than the estimated 163,000. In a discussion event, Federal Reserve Chairman Jerome Powell stated that the U.S. economy is strong enough for the central bank to continue cautious interest rate cuts. Meanwhile, crude oil prices corrected, while gold prices rebounded.

The JCI closed up 1.82% at 7,326 on Wednesday, December 4, 2024. The basic materials sector posted the largest gain, while the transportation sector was the only one to experience a decline. Foreign investors recorded a net buy of IDR 744.63 billion, including transactions in the non-regular market. Today's JCI is expected to move within the support range of 7,300/7,280 and resistance levels of 7,350/7,380. Stock picks: BBCA, BMRI, BBRI, BRIS, ASII, UNTR, BREN, AMMN, BRPT, TLKM, ISAT.

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