JAKARTA - The Composite Stock Price Index (JCI) has not escaped pressure on trading today, Friday, March 13. Phintraco Sekuritas in its research predicts that the index will move in the range of resistance 7,400, pivot 7,300, and support 7,200.
Phintraco Sekuritas explained that the JCI closed yesterday with a 0.37 percent decline to the level of 7,362.12. After moving fluctuat, the JCI finally closed in negative territory. Negative sentiment, among others, comes from the ongoing US-Iran conflict which has caused crude oil prices to strengthen again.
According to Phintraco Sekuritas, the non-primary consumer goods sector recorded the largest correction and the transportation sector recorded the largest strengthening.
"This increase in crude oil prices increases concerns about the potential for inflation and widening the state budget deficit, as well as the potential for a trade balance deficit in the oil and gas trade," wrote Phintraco Securities.
Phintraco Sekuritas added that reports of attacks on several tanker ships around the Middle East had pushed crude oil prices higher yesterday. This report came shortly after the IEA announced the largest-scale release of crude oil reserves in its history.
Phintraco Sekuritas said there were no signs of de-escalation in the Persian Gulf that kept crude oil prices trading at high prices, as there were no signs that the oil flow disruption in the Strait of Hormuz would end.
"The IEA's decision also sends a signal that the high risk of oil supply disruptions, as well as showing that the IEA does not believe this war will end soon," explained Phintraco Securities.
Phintraco Sekuritas added, the high uncertainty about when this war will end, further increases the risk of its impact on rising inflation and slowing the global economy.
"Technically, today's JCI is predicted to move sideways and tend to weaken. Today's JCI is expected to test the support level of 7,250-7,300," explained Phintraco Securities.
Phintraco Sekuritas recommends five stocks that are worth watching today, namely BBCA, ICBP, ISAT, AADI and ESSA.
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