JAKARTA - The Composite Stock Price Index (JCI) has the potential to continue its corrections in today's trading, Wednesday, October 15, after yesterday's decline of 1.95 percent or decreased by 160.67 points to the level of 8,066.52.
Not only Indonesia, the majority of the indices on the Asian stock exchange were closed lower. Take, for example, the Japanese index, Nikkei 225, corrected 2,825. The decline was also in the Hang Seng index from Hong Kong, which weakened 1.73%.
Phintraco Sekuritas in his research observed that the pressure on the JCI was also in line with the weakening of the rupiah exchange rate against the US dollar. The rupiah in the spot market closed down 0.18 percent compared to the previous day's closing which was at IDR 16,573 per US dollar to IDR 16,603 per US dollar on Tuesday.
Most recently, pressure came from China's decision to impose sanctions on five Hanwha Ocean subsidiaries, a South Korean shipbuilding company linked to the United States (US).
China has also banned Chinese organizations and individuals from doing business with sanctioned companies, it is feared that this will increase tensions between China and the US," explained Phintraco Sekuritas.
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According to Phintraco Sekuritas, technically the Stochastic RSI and MACD indicators experience Death Cross accompanied by an increase in selling volume. JCI is also closed below the MA5 and MA20 levels.
"JCI has the potential to correct and test support at 7,950 '8,000," explained Phintraco Sekuritas.
The stocks chosen by Phintraco Sekuritas for today's trading are ASSA, NCKL, INDY, MEDC and ULTJ.
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