JAKARTA - The Composite Stock Price Index (JCI) is projected to weaken again along with profit-taking, in today's trading, Friday, May 9, after closing down 98.47 points or 1.42 percent to 6,827.75 yesterday.
Phintraco Sekuritas in his research said the technical conditions that had been overbought and data on foreign exchange reserves that had fallen triggered profit taking after the JCI had rallied around the past month.
"So, the JCI has the potential to test the support of 6,770 in Friday's trading," explained Phintraco Sekuritas.
From domestic, Indonesia's foreign exchange reserves data in April 2025 fell from 157.1 billion US dollars to 152.5 billion US dollars, the lowest level since November. This decline was due to government foreign debt payments and rupiah exchange rate stabilization policies amid uncertainty in the global financial market.
However, this foreign exchange reserve is equivalent to 6.4 months of imports or 6.2 months of imports and government foreign debt financing well above the international adequacy standard of 3 months of imports.
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In addition, the market anticipates a 25-base-point reduction in interest rates by the Bank of England (BoE) to 4.25 percent on Thursday, amid fears of a slowdown in the economy due to tariffs. Britain will also reportedly be the first country to sign a trade agreement with the United States (US).
The stocks recommended by Phintraco Sekuritas for today's trading are PT Indofood CBP Sukses Makmur Tbk (ICBP), PT Astra Agro Lestari Tbk (AALI), PT Astra International Tbk (ASII), PT Bukit Asam Tbk (PTBA) and PT Indofood Sukses Makmur Tbk (INDF).
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