JCI Friday Projected to Weaken Again Due to Continuing Pressure

JAKARTA - The Composite Stock Price Index (JCI) is projected to weaken in today's trading, Friday, June 5, after yesterday fell 1.70 percent to 5,839.78.

Phintraco Sekuritas in its research explained that pressure on the JCI still continues due to high uncertainty in the market.

"Selling pressure continued from previous trading due to the prevalence of various rumors in the domestic market amid low investor confidence," explained Phintraco Sekuritas.

On the other hand, the rupiah exchange rate also weakened 0.45 percent to the level of Rp. 18,049 per US dollar. From the outside, most Asian exchanges also moved weaker as tensions between the United States and Iran increased, which pushed up oil prices and triggered inflation concerns.

Sectorally, all sector indices were recorded to weaken, with the deepest decline in the industrial sector which fell by 4.07 percent. Technically, the indication of weakening continues.

"There is a widening of the negative histogram of MACD and Stochastic RSI forming a death cross in the pivot area," explained Phintraco Sekuritas.

The JCI is expected to still move fluctuat with a tendency to weaken and potentially test the support level in the range of 5,700-5,800.