JCI End of Week Tests Level 6.000, See Stock Recommendations

Illustration. (Photo: Dok. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is predicted to potentially test the 6,000 level in today's trading, Friday, May 22, after yesterday closed down 3.54 points to 6,094.9.

Phintraco Sekuritas in its research said. all sectors weakened with the largest weakness in the energy sector (6.91 percent), which was triggered by the decline in crude oil prices and the policy of the Minister of Energy and Mineral Resources who ordered all oil and gas Joint Work Contract (KKKS) contractors to immediately hand over a 10% participation right to the local government.

In addition, the negative response from the government's policies regarding CPO and coal exports carried out through PT Danantara Sumberdaya Indonesia as well as the increase in the BI Rate, has encouraged weakness in several banking and mining stocks.

The issue of the margin call of TPIA shares circulating in the market also added negative sentiment. The rupiah also closed down 0.07% at Rp. 17,667 per US dollar.

"Technically, the JCI has closed the gap at 6,092. If selling pressure continues, it is estimated that the JCI has the potential to test the psychological level at 6,000. The next strong support is at the level of 5,882," wrote Phintraco Sekuritas.

Meanwhile, MNC Sekuritas predicts the next correction area of the JCI will test 5,899-5,999.

MNC Sekuritas gives recommendations for four shares, BBCA, HMSP, PGAS, and WIIM for trading, Friday, May 22.