JAKARTA - The Composite Stock Price Index (JCI) has the potential to test the psychological level at 7,000 in this week's trading, after Friday, April 24, closed down significantly 3.38 percent to 7,129.4.
Phintraco Sekuritas in its research assessed that this weakening was triggered by concerns about Indonesia's economic prospects amid high crude oil prices and rupiah depreciation. Although the rupiah closed up 0.33 percent at Rp17,229 per US dollar in the spot market.
Geopolitical uncertainty due to the conflict in the Middle East and the closure of the Strait of Hormuz, has encouraged crude oil prices to remain at high levels for longer than previously expected.
The extension of the Israeli-Lebanese ceasefire for three weeks is not strong enough to ease market concerns. Investors are increasingly doubtful of the potential for the US and Iran to return to the negotiating table in the near future, amid the conflict around the Strait of Hormuz.
Phintraco Sekuritas explained, technically, the JCI has broken down from the MA20 level. The positive histogram of MACD narrowed and has the potential to form a Death Cross.
"There is a gap down the JCI around the level of 7,022. So it is estimated that the JCI has the potential to test the psychological level at 7,000 in the next week," wrote Phintraco Securities.
This week, investors will be looking forward to the FOMC meeting on Wednesday, April 29, which is expected to still maintain the benchmark interest rate at the level of 3.5-3.75 percent.
In addition, from the US, data on consumer confidence, housing data, GDP for the first quarter of 2026, personal income, personal spending, PCE prices index and ISM manufacturing index are scheduled to be released.
Investors will also be watching the Bank of Japan (BoJ) meeting on Tuesday 28 April, which is expected to also keep its benchmark interest rate at 0.75 percent, despite rising inflation data in Japan.
From the Euro Area, data on GDP for the first quarter of 2026, inflation and unemployment rates will be released. The ECB and BoE are also expected to keep their benchmark interest rates at 2.15 percent and 3.75 percent, respectively.
Phintraco Sekuritas recommends six stocks that can be considered this week, namely ADMR, ADRO, BFIN, ISAT, ULTJ and SRTG.
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