JAKARTA - The Composite Stock Price Index (JCI) has the potential to test the level of 6,050-6,100, in today's trading, Wednesday, July 29, after yesterday closed 0.89 percent lower to 6,130.5.
Shares of the property sector experienced the largest correction (3.25 percent), while the primary consumer goods sector was the only sector to strengthen (0.52 percent).
Phintraco Sekuritas in its research explained that crude oil prices continued to correct after it was reported that there were talks between Iran, Saudi Arabia and Oman regarding the shipping route of the Strait of Hormuz on Tuesday, July 28.
The rupiah closed again with a 0.41 percent decline at the level of Rp18,083 per US dollar in the spot market, approaching the all-time low at Rp18,190 per US dollar. The continued pressure on the rupiah is influenced by external and domestic factors.
Externally, it is influenced by the continued strengthening of the US dollar index ahead of the Fed meeting this week.
Meanwhile, from the domestic side, investors are still waiting and seeing amid increasing uncertainty regarding the appointment of the next definitive Governor of the Bank of Indonesia, which is considered to have an impact on the central bank's future policies.
Phintraco Sekuritas explained that the histogram of the JCI MACD continued to narrow and the Stochastic RSI weakened at the pivot area.
"So it is estimated that the JCI will test the level of 6,050-6,100 on Wednesday, July 29," wrote Phintraco Sekuritas.
Meanwhile, MNC Sekuritas estimates that the JCI will be in the nearest strengthening area at 6,262-6,299.
MNC Sekuritas recommends four stocks for today's trading, namely ADMR, DSNG, ICBP, and TPIA.
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