JAKARTA - The Composite Stock Price Index (JCI) is projected to fall again this week. As for today, Monday, June 23, Phintraco Sekuritas in its research estimates the JCI will move in the resistance range of 7,100, pivot 7,000, and support 6,820.
Phintraco Sekuritas explained that the main index on Wall Street last week was closed variatively in the narrow range. The main sentiment around anxiety about the impact of increasing geopolitical tensions in the Middle East on the economy and rising energy prices.
Not only that, continued Phintraco Sekuritas, semiconductor stocks also weakened on Friday (20/6) after reports that the US might lift relief for several semiconductor companies.
On Saturday, June 21 US time, the US finally officially bombed three nuclear facilities in Iran, after last weekend President Trump said he would wait two weeks before deciding to join forces to attack Iran.
Phintraco Sekuritas added that its participation in the Israeli-Iran conflict is expected to further increase geopolitical tensions and have the potential to encourage rising commodity prices, especially crude oil, which could encourage an increase in global inflation.
Phintraco Sekuritas added that if this happens it will prevent central banks from lowering interest rates in the midst of a global economy that tends to require monetary stimulus to boost economic growth.
BACA JUGA:
The market will observe developments in the Middle East conflict, trade negotiations, the Fed's Chairman's speech, as well as economic data such as the PCE prices index, as well as the PMI index in the US, Euro Area and Japan, "said Phintraco Sekuritas.
Phintraco Sekuritas added, amid increasing domestic economic uncertainty due to the potential increase in US energy prices and import rates, as well as technical conditions. "Thus, the JCI today has the potential to continue corrections and test support for 6,820-6,850," he explained.
The stocks recommended by Phintraco Sekuritas today are AUTO, GJTL, MAPA, ERAA and BTPS.
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