Still Under Pressure from Selling Actions, the JCI is Predicted to Weaken Again on Tuesday
JAKARTA - The Composite Stock Price Index (JCI) is still shrouded in selling pressure at the beginning of the week. In Monday's trading, February 2, yesterday, the JCI closed sharply 4.88 percent to 7,922.73.
Phintraco Sekuritas in its research explained that negative sentiment came from a combination of commodity price corrections, pressure on gold-based stocks, as well as investors' wait-and-see attitude towards the agenda of capital market authorities.
"The market is still likely to wait for the development of the BEI meeting with MSCI regarding the provisions of data transparency on free float. On the other hand, the JCI is also burdened by pressure from conglomerate issuers and gold-related issuers along with the correction in the world gold price," explained Phintraco Sekuritas.
On the domestic macro side, the weakening of the JCI occurred amid the depreciation of the rupiah to the level of Rp16,798 per US dollar in the spot market. However, a number of economic indicators show positive signals.
The Indonesian Manufacturing PMI Index increased to 52.6 in January 2026 from 51.2 the previous month, indicating continued factory activity expansion for six consecutive months.
Indonesia's trade balance surplus also rose to US$2.52 billion in December 2025, driven by an export growth of 11.64 percent year-on-year. Meanwhile, annual inflation accelerated to 3.55% in January 2026, although on a monthly basis it was still recorded as deflation of 0.15%.
Externally, the majority of Asian exchanges closed weaker. Pressure came from the collapse of South Korea's Kospi index which had triggered a trading halt, concerns about a bubble in the artificial intelligence (AI) sector, as well as continued selling on gold and silver as the US dollar strengthened.
Technically, selling pressure is still dominant. The widening of the negative histogram of the MACD indicates a distribution pattern, while the Stochastic RSI has been in the oversold area but has not shown a reversal signal.
"JCI is still holding above the MA200 at around 7,786. As long as it is below 8,000, the opportunity to test the support area is still open," explained Phintraco Sekuritas.
For Tuesday's trading, Phintraco Securities recommends AADI, MYOR, ICBP, INDF, and JSMR shares.