The main index on Wall Street closed lower. The Dow Jones index has entered its ninth consecutive day of correction, marking its longest correction streak since 1978. The correction in the Dow Jones was driven by a rotation into technology stocks and a move away from some older economy stocks that had risen in November following Donald Trump's re-election. These stocks dominated the Dow rather than the tech sector. Several concerns were driving the profit-taking action on non-tech stocks, mainly centered around the Federal Reserve's interest rate decisions. The market is pricing in a 95% chance of a 0.25% rate cut at this meeting. However, there are concerns among investors and economists that the central bank could make a mistake, risking a stock market bubble or triggering further inflation. Better-than-expected retail sales data also contributed to these concerns.

The JCI closed lower by 1.39% at 7,157 on Tuesday, December 17, 2024. All sectors weakened, with the biggest correction occurring in the industrial sector. Foreign investors recorded a net sell of IDR 1.63 trillion, including in the non-regular market. On today's trading, the JCI is expected to move within a support range of 7,100/7,030 and a resistance range of 7,190/7,230. Stock picks: BBRI, EXCL, MYOR, BREN, BRPT, CMRY, SSIA.

This report is prepared strictly for private circulation only to clients of PT Waterfront Sekuritas Indonesia. It is purposed only to person having professional experience in matters relating to investments. The information contained in this report has been taken from sources which we deem reliable. No warranty (express or implied) is made to the accuracy or completeness of the information. All opinions and estimates included in this report constitute our judgments as of this date, without regards to its fairness, and are subject to change without notice. However, none of PT Waterfront Sekuritas Indonesia and/or its affiliated companies and/or their respective employees and/or agents makes any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof. We expressly disclaim any responsibility or liability (express or implied), its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claims, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a results of acting in reliance upon the whole or any part of the contents of this report and neither PT Waterfront Sekuritas Indonesia, its affiliated companies or their respective employees or agents accepts liability for any errors, omissions or misstatements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission there from which might otherwise arise is hereby expresses disclaimed. This document is not an offer to sell or a solicitation to buy any securities. This firms and its affiliates and their officers and employees may have a position, make markets, act as principal or engage in transaction in securities or related investments of any company mentioned herein, may perform services for or solicit business from any company mentioned herein, and may have acted upon or used any of the recommendations herein before they have been provided to you. © PT Waterfront Sekuritas Indonesia 2024