JCI Thursday Potentially Continues to Weaken Due to Increased Intensity of US-Iran Conflict
JAKARTA - The Composite Stock Price Index (JCI) is projected to continue to weaken in today's trading, Thursday, March 12. Phintraco Sekuritas in its research estimates that the index will move in the range of resistance 7,500, pivot 7,400, and support 7,300.
Phintraco Sekuritas said that the JCI yesterday closed down 0.69 percent to 7,389.4 (0.69%). After moving up in the first session, the JCI moved in negative territory throughout the second session.
"Investors tend to be short-term in the midst of increasing uncertainty related to the US/Israel-Iran conflict and ahead of the long Lebaran holiday which begins in the middle of next week," wrote Phintraco Sekuritas.
Phintraco Sekuritas added that the raw materials sector recorded the largest correction, while the technology sector posted the largest increase. The rupiah closed at a weakened level of Rp16,886 per US dollar, due to the ongoing geopolitical conflict in the Middle East.
"In addition, there are concerns about domestic economic data, including the potential for inflation and the state budget deficit to widen," explained Phintraco Sekuritas.
Technically, Phintraco Sekuritas said, the Stochastic RSI and MACD indicators are still tending to weaken. The JCI had moved to strengthen to the level of 7,527, before finally closing again.
"The JCI is expected to still tend to move weaker to test the level of 7,300-7,350," said Phintraco Sekuritas.
Meanwhile, Phintraco Sekuritas continued, the index on the Asian stock exchange yesterday closed mixed, amid investors looking forward to developments in the Middle East conflict. It was reported that three ships off the coast of Iran had been hit by projectiles around the Strait of Hormuz on Wednesday, thus again pushing up crude oil prices.
"Shipping traffic through the very important and strategic Strait of Hormuz has been almost halted since the US and Israel carried out air strikes on Iran on February 28, 2026," explained Phintraco Sekuritas.
Phintraco Sekuritas recommends five stocks for today, namely ULTJ, UNVR, TOBA, WIFI, and BSDE.