JAKARTA - The Composite Stock Price Index (JCI) has the potential to weaken again in today's trading, Tuesday, May 12, after yesterday fell 0.92 percent to 6,905.6.
Phintraco Sekuritas in its research said that the JCI yesterday had a limited rebound after it was reported that the Minister of Energy and Mineral Resources had postponed the plan to apply royalty tariffs for commodities for copper, tin, nickel, gold and silver, to formulate a more optimal and fair formula for all parties.
However, on the other hand, the Minister of Finance ensured that the rules for adjusting the royalty rates of mining companies would take effect in early June 2026 and would soon be released by the Presidential Regulation regarding it. So the JCI weakened again. The weakening of the rupiah to a position above Rp17,400 per US dollar also added negative sentiment.
Meanwhile, the majority of indices on the Asian stock exchange also closed weaker in line with the rise in crude oil prices after President Trump rejected Iran's peace proposal.
Phintraco Sekuritas explained, technically, the negative MACD histogram weakened again and there was a Death Cross Stochastic RSI in the pivot area.
"So it is estimated that the JCI has the potential to continue weakening and testing the support level at 6,750-6,850," wrote Phintraco Sekuritas.
Meanwhile, MNC Sekuritas in its research also predicts the JCI will be vulnerable to correction to the range of 6,645-6,838 and although it is strengthening it seems to be re-testing 6,972-7,012.
MNC Sekuritas recommends four stocks for today's trading, namely ANTM, KLBF, MDKA, and PTRO.
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