Overshadowed By Profit Taking Action, JCI Is Projected To Weaken At The End Of The Week

JAKARTA - The Composite Stock Price Index (JCI) is projected to weaken in today's trading, Friday, August 8, after yesterday's correction was 13.56 points or 0.18 percent to the level of 7,490.

Phintraco Sekuritas in his research said that the weakening of the JCI was also due to a negative market response to the application of US reciprocal tariffs.

"Further profit taking on conglomeration stocks also burdens the index," explained Phintraco Sekuritas.

Data on Indonesia's foreign exchange reserves in July 2025 which decreased to US$152 billion from US$152.6 billion also burdened yesterday's index. Despite being at the lowest level for the last eight months, this position is sufficient to finance 6.3 months or 6.2 months of imports as well as payment of foreign debt. This is above the international standard, which is 3 months of imports.

Technically, the RSI Stochastic indicator is already in the oversold area with a decline that is starting to slow down. However, the MACD indicator indicates a continuing reversal with an enlarged negative histogram.

Phintraco Sekuritas also saw an increase in selling volume pressure, so he estimated that the JCI would still move sideways to weaken by testing support levels of 7,450 and resistance of 7,550.

"Investors will look forward to the release of the July consumer confidence index which is expected to improve at the level of 118.4 from 117.8 in June 2025," explained Phintraco Sekuritas.

The stocks recommended by Phintraco Sekuritas for today are PT Adaro Minerals Indonesia Tbk (ADRO), PT Adi Sarana Armada Tbk (ASSA), PT Merdeka Copper Gold Tbk (MDKA), PT Vale Indonesia Tbk (INCO), and PT Harum Energy Tbk (HRUM).