JAKARTA - The Composite Stock Price Index (JCI) is projected to fall again in today's trading, Friday, February 27. Phintraco Sekuritas in its research estimates that the JCI will move in the range of resistance 8,250, pivot 8,200, and support 8,150.
Phintraco Sekuritas explained that the JCI yesterday closed down 1.05 percent to 8,235.26 after strengthening to 8,358 at the start of the session. Negative sentiment came from the news that the United States (US) Department of Commerce would impose tariffs on solar cells and panels imported from companies in India, Indonesia and Laos.
"This is done on the grounds that the solar panel industry in the three countries is protected by subsidies," wrote Phintraco Sekuritas.
Phintraco Sekuritas added, the US set a tariff of 125.87 percent for this product from India, 104.38 percent for imports from Indonesia and 80.67 percent for imports from Laos. In addition to the general tariff, the US also calculates individual tariffs for companies. In Indonesia, PT Blue Sky Solar was charged a tariff of 143.3 percent and PT REC Solar Energy was charged a tariff of 85.99 percent.
Meanwhile, the US Trade Representative (USTR) plans to open an Article 301 investigation into Indonesia's trade practices to examine industrial capacity and fisheries subsidies. The results of this investigation will be compared with the steps taken by Indonesia to meet its commitments to US concerns.
Adding to the negative sentiment, S&P Global Ratings warned that increasing fiscal pressures, particularly the increase in debt service costs, increase the risk of a downgrade to Indonesia's credit profile and could trigger negative rating actions.
"Although S&P has not changed the stable outlook on Indonesia's credit rating at the BBB level, the warning shows growing concerns about Indonesia's fiscal position," said Phintraco Sekuritas.
Technically, Phintraco Sekuritas explained that the decline in the JCI was held by MA20 at around the level of 8,204, but the formation of a positive histogram of MACD again shrank and the stochastic RSI formed a death cross in the overbought area.
"So today's JCI still has the potential to continue weakening towards the level of 8,150," explained Phintraco Sekuritas.
Phintraco Sekuritas recommends five stocks for today, namely TOBA, ASII, INDF, SIDO, and TLKM.
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