JAKARTA - The Composite Stock Price Index (JCI) has the potential to test the next support level at 7,700-7,800, in today's trading, Monday, February 9, after last weekend closed 2.08 percent lower to 7,935.2.
Phintraco Sekuritas in its research explained that the negative sentiment came from a downgrade of the outlook for the Indonesian government's debt rating to negative, although the debt rating remained stable at the Baa2 level (investment grade).
Meanwhile, S&P Global Ratings stated that stock market volatility has not changed its view of Indonesia's rating with a stable outlook.
Although S&P improved that fiscal weakness could add downward pressure on the rating if it is not offset by improvements in other areas. The rupiah closed weaker at Rp16,876 per US dollar in the spot market, Friday, February 6.
Indonesia's foreign exchange reserves were recorded at the level of 154.6 billion US dollars in January 2026, down from 156.5 billion US dollars in December 2025 which was the highest level in the last nine months. This decline is due to government foreign exchange debt payments and the rupiah stabilization efforts by Bank Indonesia.
Meanwhile, the property price index in Indonesia rose 0.83 percent YoY in the fourth quarter of 2025, tended to be stable from 0.84 percent YoY in the third quarter of 2025, and was the slowest growth since 2023.
This week, from domestic, data on consumer confidence, retail sales, and motorcycle and car sales are scheduled to be released.
Phintraco Sekuritas explained that technically, the JCI closed below the MA5 level, but still remained above the MA200 level.
"The JCI is expected to still have the potential to test the MA200 level as long as it closes below the level of 8,000. If the JCI closes below the MA200 level (around 7,824), it is expected to test the next support at 7,700-7,800," wrote Phintraco Sekuritas.
Phintraco Sekuritas recommends stocks that can be considered in the week of Bu, including PANI, TLKM, PNLF, CMRY, INTP and ERAL.
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