JCI Wednesday Projected to Fall to Level 7.700, Check its Stock Recommendation

JAKARTA - The Composite Stock Price Index (JCI) is projected to fall to the level of 7,700 in today's trading, Wednesday, March 4. Phintraco Sekuritas in its research estimates that the JCI will move in the range of resistance 8,100, pivot 8,000, and support 7,800.

Phintraco Sekuritas explained that the JCI yesterday closed down 0.96 percent to 7,939.77. Previously, the JCI had rebounded at the beginning of the session, but then turned down to break below the 8,000 level.

"Concerns that the US/Israel war against Iran will last longer than previously estimated have become a negative sentiment that has led to the weakening of the JCI," wrote Phintraco Sekuritas.

In addition, continued Phintraco Securities, corrections in several energy and mining stocks also added pressure to the index. The Ministry of Energy and Mineral Resources set a target of 209.08 million tons of nickel ore production in 2026, lower than the 2026 RKAB of 260-270 million tons.

Phintraco Sekuritas added that Iran's closure of the Strait of Hormuz had caused turmoil in the global energy market, with countries in Asia expected to face the biggest impact.

Phintraco Sekuritas assessed that the Strait of Hormuz serves as a global oil trade route, where around 13 million bpd pass through the strait in 2025, or represent around 31 percent of all crude oil flows by sea.

"The prolonged closure of the strait is expected to cause further increases in crude oil prices, which could drive inflation and have an impact on the central bank's monetary policy," said Phintraco Sekuritas.

Technically, Phintraco Sekuritas said, the JCI broke below the psychological level of 8000 and from the MA200. The formation of a negative histogram by MACD and the downward movement of Stochastic RSI in the pivot area, indicates that the decline in the JCI still has the potential to continue.

"If the support of the JCI today is broken at 7,860, it is estimated that it will test the next support at 7,700-7,800," explained Phintraco Sekuritas.

In the midst of heavy pressure on the JCI, Phintraco Securities recommends five stocks that have the potential to be profitable today, namely JPFA, ISAT, HUMI, SIDO and TAPG.