JCI Potentially Weakens As US Tariff War Heats Up

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) today, Friday, March 14, is haunted by the heating up the US (US) tariff war. Phintraco Sekuritas in his research estimates that the JCI today will move in the resistance range of 6,700, pivot 6,630, and support 6,550.

Phintraco Sekuritas explained that Wall Street Index weakened more than 1 percent on Thursday's trading. US President Donald Trump plans to apply a 200% tariff for alcoholic products from the European Union.

The statement, continued Phintraco Sekuritas, responded to the EU's 50 percent tariff implementation plan.

"The market is starting to question the mechanism and validity of the factors that underlie the decision making of these aggressive rates," wrote Phintraco Sekuritas.

Gold prices jumped 1.85 percent to 3,001.30 US dollars per troy ounce and oil prices fell more than 1 percent on Thursday.

The market seems to be still trying to guess the Fed's monetary policy direction in FOMC 18-19 March 2025 and the development of a tariff war between US-Canada that has the potential to expand to the European Union, "said Phintraco Sekuritas.

Phintraco Sekuritas added that the JCI today is prone to advanced pullbacks to the range of 6,600-6,630.

"Technically, the projection is based on a decrease in trading volume on Thursday (13/3/2025) and an indication of overbought on Stochastic RSI," added Phintraco securities.

Phintraco Sekuritas assessed that the JCI was under pressure by pullbacks on bank stocks that supported the JCI on Wednesday, March 12. Selective buying in high dividend issuers is still happening on Thursday, for example in PGAS triggered by a plan to divest an upstream oil and gas business to PT Pertamina Hulu Energi.

"Significant strengthening is also recorded by UNVR which has a history of 100 percent DPOR in recent years," explained Phintraco Sekuritas

Phintraco Sekuritas recommends five shares for today, namely UNVR, BRIS, ADMR, INTP and KLBF.