Still Under Pressure, the JCI Monday Tested the Level of 6.700

JAKARTA - The Composite Stock Price Index (JCI) is still under pressure and has the potential to test the 6,700 level in this week's trading. Phintraco Sekuritas in its research said that global sentiment, ranging from rising US bond yields to the US-Iran geopolitical conflict, is expected to still weigh on domestic stock market movements.

Phintraco Sekuritas estimates that this week's JCI will move in the resistance area of 6,800, pivot 6,700, and support 6,500.

"If the breakdown index from the level of 6,700, the JCI is expected to have the potential to test the 6,500-6,550 area in the short term," wrote Phintraco Sekuritas.

According to Phintraco Sekuritas, global sentiment is still the main factor suppressing the market after Wall Street indices closed weaker in Friday's trading last weekend. The weakening was triggered by profit taking in technology sector stocks as well as an increase in the yield of US government bonds.

In addition, continued Phintraco Sekuritas, the market was also disappointed after the meeting between US President Donald Trump and Chinese President Xi Jinping ended without a major agreement.

"At the same time, the yield (yield) of US bonds with a 30-year tenor jumped to 5.1 percent amid concerns about inflation and the potential for interest rate hikes due to the surge in crude oil prices," added Phintraco Sekuritas.

Not only that, Phintraco Sekuritas said, oil prices recorded a jump of more than 3 percent after the failure to reach an agreement between the US and Iran regarding geopolitical issues and global energy.

Phintraco Sekuritas assesses that the US-Iran conflict will still affect the movement of the global stock exchange this week, as the escalation of tensions between the two countries rises and falls.

Phintraco Sekuritas said market participants will also pay attention to the Federal Open Market Committee (FOMC Minutes) meeting minutes and NVIDIA's financial statements to look for clues to the Fed's interest rate policy after US inflation data was recorded higher than expectations.

From China, Phintraco Sekuritas explained, investors are waiting for the release of industrial production and retail sales data, while the People's Bank of China is expected to maintain the one-year and five-year main loan interest rates at 3 percent and 3.5 percent respectively.

Meanwhile, from the domestic market, Phintraco Sekuritas said, market attention was focused on the results of the Bank Indonesia Board of Governors (RDG) meeting which is expected to maintain the BI Rate at the level of 4.75 percent on May 20, 2026.

"Investors are also waiting for credit growth data, current transactions in the first quarter of 2026, and M2 Money Supply," Phintraco Sekuritas explained.

Amid this pressure, Phintraco Securities recommends six stocks that should be watched this week, namely CPIN, PGEO, JPFA, BTPS, SUPA, and BULL.