JAKARTA - The Composite Stock Price Index (HSG) is projected to fall to the level of 8,000 in today's trading, Thursday, January 29. Phintraco Sekuritas in its research predicts that the index will move in the range of resistance 8,500, pivot 8,250, and support 8,000.
Phintraco Sekuritas explained that the JCI yesterday closed down significantly by 7.35 percent to 8,320.56. Selling pressure occurred after the announcement of MSCI which decided to temporarily freeze the index rebalancing process for stocks in Indonesia, including freezing a number of changes related to the index review in February 2026.
"Even yesterday's trade experienced a trading halt for 30 minutes because the JCI had weakened 8 percent in the 2nd session. Net foreign sell in the regular market was recorded at Rp6.12 trillion," wrote Phintraco Sekuritas.
According to Phintraco Securities, investors are still focused on the development of issues related to MSCI, because if by May 2026 there is no significant progress, MSCI will review the status of Indonesian market accessibility, which can potentially reduce the weight of Indonesian stocks in MSCI Emerging Markets to Frontier Market.
This, continued Phintraco Sekuritas, triggered a sell-off by investors, especially foreign investors. If this happens, it is likely that more foreign investor funds will come out which can put pressure on the JCI and the Rupiah.
"In addition, it can also have an impact on declining market liquidity, deteriorating country risk perceptions, and the funding costs faced by the government and corporations will be higher," said Phintraco Securities.
Phintraco Sekuritas explained, the Authority has delivered its statement in response to this. However, how long and how big the impact of this MSCI policy on the Indonesian capital market will depend on how the capital market authority responds to follow up quickly.
"Technically, today's JCI has the potential to test the level of 8.250/8.000. Be aware if the JCI breaks through the psychological level of 8.000, it has the potential to test the level of 7.850. However, if selling pressure eases, investors can watch commodity stocks along with the rise in commodity prices," explained Phintraco Sekuritas.
Phintraco Sekuritas recommends five stocks today, namely MBMA, MEDC, AKRA, INDY and MDKA.
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