JCI Wednesday is Predicted to Move in the Range of 7,000-7,200, Five Stocks Recommended

JAKARTA - The Composite Stock Price Index (IHSG) is predicted to move sideways in today's trading, Wednesday, April 29, after yesterday closed down 0.48 percent to 7,072.3.

Phintraco Sekuritas in its research said, the majority of indexes on the Asian stock exchange yesterday also closed weaker, amid uncertainty over the resolution of the conflict in the Middle East.

President Trump is considering an Iranian offer to open the Strait of Hormuz, on the condition that the US lifts the blockade and ends the conflict, but it is not clear how Trump's decision on the Iranian proposal.

Phintraco Sekuritas explained, technically, the formation of the negative histogram of the MACD IHSG continues and the Stochastic RSI enters the oversold area.

"JCI briefly approached the down gap at 7,022, before closing at 7,072. It is estimated that JCI will still tend to move sideways in the range of 7,000-7,200," wrote Phintraco Sekuritas.

As expected, the Bank of Japan (BoJ) maintained its benchmark interest rate at 0.75 percent at its Tuesday 28 April meeting amid uncertainty from the conflict in the Middle East and rising energy prices. This level is the highest since September 1995.

The BoJ raised its core inflation forecast for fiscal 2026 to 2.8 percent YoY from the previous 1.9 percent YoY. The BoJ also lowered its economic growth forecast for fiscal 2026 to 0.5 percent from the previous 1 percent. Nevertheless, overall economic conditions are expected to continue to grow moderately.

Investors will pay attention to the Economic Sentiment data from the Euro Area, which is expected to decline to 94 in April 2026 from 96.6 in March 2026 on Wednesday, April 29.

Meanwhile, from the US, investors will look forward to the results of the Fed meeting and the comments of the Fed Chairman, which will be released on Wednesday US time.

US economic data to be released this week include building permits, durable goods orders and housing starts on Wednesday, as well as the PCE price index and GDP for the first quarter of 2026 on Thursday, April 20.

Phintraco Sekuritas gives recommendations for five stocks to trade today, namely GJTL, HMSP, BBNI, RMKE and WIIM.