JCI Prone To Correct Again, These Stocks Could Be Cuan Fields

JAKARTA - The Composite Stock Price Index (JCI) fell quite deeply by 2.14 percent, down 151.64 points to the level of 6,947.67 at the close of trading on Wednesday, June 5. JCI is projected to be prone to corrections again with support at 6,926 and resistance at the level of 7,031 today, Thursday 6 June.

In his research, Phintraco Sekuritas said that the JCI was depressed by selective selling actions in a number of mining stocks in the energy sector and raw goods.

Psychologically, information regarding one of the large energy stocks in Indonesia that failed to enter the FTSE Large Cap index triggered the sale of the shares and energy stocks, including raw goods.

The energy sector is also considered to be affected by speculation over energy demand from India which is among the largest consumer countries of global coal. This coincided with the election results in India with Narendra Modi's re-elect to become Prime Minister of India, although with a lower than expected victory.

From economic data, the service sector index in China and Germany showed an increase in May 2024. Meanwhile, the service sector index in the Euro Area was still relatively solid in the same period.

"The market in Europe is still waiting for the decision to cut the European Central Bank (ECB) benchmark interest rate this Thursday," explained research by Phintraco Sekuritas.

According to Phintraco Sekuritas, the shares of conventional blue chips are interesting to note. This is based on BBCA, BBRI and BBNI stocks, including TLKM and ASII, which support the JCI from its potential for deeper weakening.

In addition to the above stocks, Phintraco Sekuritas also won JSMR and SIDO shares.