JAKARTA - The composite stock price index (JCI) is predicted to move sideways and weaken in today's trading, Tuesday, January 13, after yesterday fell 0.58 percent to 8,884.7.
Phintraco Sekuritas in its research explained, as expected, the JCI which has not been able to survive above the level of 9,000 triggered a profit-taking action, especially for conglomerate stocks that have been relived and contributed to strengthening the index.
The weakening of these stocks is also suspected of anticipating MSCI's announcement of a new policy on free float calculations which will be announced at the end of this month.
The profit taking has triggered a panic selling that has made the JCI depressed to the level of 8,715, before finally improving but still closed in the negative area.
"JCI closed below the MA5 level. MACD and Stochastic RSI indicators indicate the potential for continued corrections supported by selling volume. So IHSG is expected to move sideways tends to weaken and has the opportunity to test support at 8,725-8,800," wrote Phintraco Sekuritas.
Indonesian retail sales data increased 6.3 percent YoY in November 2025 from 4.3 percent YoY in October 2025, and was the fastest annual growth since March 2024.
However, the rupiah continued to weaken and closed at Rp16,855 per US dollar in Monday's trading. The weakening of the rupiah was partly due to increased global uncertainty and concerns about domestic economic prospects.
The conflict in Iran, along with the wave of protests that have resulted in death, has the potential to be one of the sources of escalation of global political tensions after President Trump's statement that he intends to intervene.
European stock market indices opened lower on Monday, January 12, and Wall Street futures indices moved lower.
The US Department of Justice opened a criminal investigation into Fed Chairman Jerome Powell regarding his testimony before the Senate Banking Committee on the renovation of the Fed's headquarters building.
Markets are responding to it as an act by President Trump to pressure the central bank or as an attempt to replace the Fed Chairman sooner than the end of Jerome Powell's term in May 2026.
Phintraco Sekuritas recommends TLKM, KLBF, ASII, BTPS and MBMA shares for today's trading.
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