JAKARTA - The Composite Stock Price Index (JCI) has the potential to test the level of 7,200-7,300 in today's trading, Tuesday, March 10, after yesterday closed down 3.27 percent to 7,337.3.
The closure of the Strait of Hormuz has led oil producers in the Middle East to reduce their production due to a lack of oil storage space because they cannot send their production to customers.
As a result, crude oil prices rose sharply above the $100 per barrel level, raising concerns about potential inflation and a global economic slowdown.
All sectors closed weaker, with the largest correction in the primary consumer goods sector. The rupiah closed weaker at Rp16,935 per US dollar.
"The JCI is expected to have the potential to test the level of 7,200-7,300 again, if it is still strong enough, there is a chance to test the resistance at 7,400-7,480," wrote Phintraco Sekuritas in its research.
The consumer confidence index (CCI) fell to 125.2 in February 2026 from 127 in January 2026. This decline was in line with the weakening of economic prospects, income expectations for the next six months, and expectations of job availability over the next six months.
Meanwhile, domestic motorcycle sales data grew 1 percent YoY to the highest level in the last four months at 587.3 thousand in February 2026, after posting a 3.1 percent YoY increase in January 2026.
For the period January-February 2026, motorcycle sales grew 2.1 percent YoY from the same period last year.
Chinese inflation rose 1.3 percent YoY in February 2026 from 0.2 percent in January 2026, posting the highest increase since January 2023 and above expectations of 0.8 percent.
This increase is mainly the effect of the Chinese New Year celebration in mid-February 2026. Furthermore, investors will look forward to China's import and export data in January-February 2026, this Tuesday.
Meanwhile, the G7 finance ministers are scheduled to discuss the possibility of jointly releasing emergency oil reserves.
The withdrawal of strategic reserves has previously been carried out five times, including during the Russian invasion of Ukraine, supply disruptions in Libya, Hurricane Katrina and during the first Gulf War.
Phintraco Sekuritas recommends five stocks for today, namely UNTR, MAPI, TAPG, LSIP and TKIM.
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