JCI Tuesday Projected to Weaken Again Following the US-Israeli Attack Sentiment on Iran

JAKARTA - The Composite Stock Price Index (JCI) has the potential to test the support level at 7,860-7,900 on trading, today, Tuesday, March 3, after yesterday's plunge of 2.66 percent to 8,016.8.

Phintraco Sekuritas in its research revealed that the US and Israeli attacks on Iran on Saturday, February 28, triggered an open war and made global investors tend to avoid risky assets.

The rise in crude oil prices has sparked concerns about the potential for rising inflation, which if prolonged could drive the potential for interest rate hikes.

However, the majority of energy-related and gold mining stocks posted strength, thus holding back further weakening of the JCI.

Technically, the JCI is still above the psychological level of 8,000 and is still above the MA200 level. However, the narrowing of the positive histogram of MACD continues and has the potential to form a Death Cross.

"If the JCI breaks below the 8,000 level, it is estimated that it has the potential to test the next support level at 7,860-7,900," wrote Phintraco Sekuritas.

From domestic economic data, inflation data increased 0.68 percent MoM in February 2026 from deflation of 0.15 percent MoM in January 2026.

This inflation is mainly contributed by the increase in the Food, Beverage and Tobacco Expenditure Group. In general, this expenditure group is the main commodity causing inflation at every moment of Ramadan.

Annual inflation accelerated to 4.76% YoY in February 2026 from 3.55% YoY, and is the highest level since March 2023. This increase is due to the discount on electricity tariffs at the beginning of 2025 which has suppressed prices last year.

Meanwhile, the trade balance surplus fell to US$0.95 billion in January 2026 from US$3.49 billion in January 2025, due to an increase in imports of 18.21 percent YoY and exports only grew 3.39 percent YoY.

Indonesia's manufacturing PMI still grew at 53.8 in February 2026 from 52.6 in January 2026, mainly due to an increase in domestic demand.

Phintraco Sekuritas recommends five stocks for today, namely ANTM, ESSA, PTBA, LSIP and INDY.