JAKARTA - The Composite Stock Price Index (JCI) is predicted to rise in today's trading, Tuesday, June 24, after yesterday dropping 1.74 percent to the level of 6,787.14.
Phintraco Sekuritas in his research said that the collapse of the JCI was due to concerns about the impact of increasing geopolitical tensions in the Middle East and rising crude oil prices on the domestic economy amid weakening people's purchasing power and tariff wars.
"In addition, corrections to several stocks entering ex-date dividends also burden the index," wrote Phintraco Sekuritas.
Technically, Phintraco Sekuritas explained, the Stocahastic RSI indicator is already in the oversold area and has the potential for golden cross, but the negative slope MACD is widening. Strengthening the index on Wall Street and lower oil prices have the potential to push the rebound.
"Thus, the JCI today is estimated to rebound in the range of 6,800-6,850," added Phintraco Sekuritas.
Phintraco Sekuritas added that the Asian stock exchange index was widely closed in yesterday's trading, amid the unclear reaction of Iran to the US attack.
"In addition, market concerns that the war will expand, as there is a tendency for China and Russia to push for a ceasefire at the United Nations," explained Phintraco Sekuritas.
BACA JUGA:
Phintraco Sekuritas assessed that market anxiety that Iran would close the Strait of Hormuz is currently easing, after the US Secretary of State asked the Chinese government to step in and prevent Iran from closing major trade routes as China remains Iran's most important oil customer.
"From the US, the market will look forward to the testimony of the Fed's Chairman," said Phintraco Sekuritas.
The stocks recommended by Phintraco Sekuritas today are MEDC, PSAB, PGAS, RAJA and LSIP.
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