JAKARTA - The Composite Stock Price Index (JCI) has the potential to continue strengthening in today's trading, Thursday, March 26, after yesterday closed up 2.75 percent to 7,302.1.
Phintraco Sekuritasb in its research said that positive factors came from the strengthening of the Asian stock index and the correction of crude oil prices, after it was reported that the US was trying to reduce the tension of the conflict with Iran.
It is reported that the US has submitted a peace proposal to Iran, through Pakistan, which includes strict restrictions on Iran's nuclear program and reopening the Strait of Hormuz. Although it is unclear whether the proposal has reached Iranian officials and whether Israel will support the US plan.
However, the report has already prompted a correction in crude oil prices, where WTI oil weakened by around 5 percent at the level of 87 US dollars per barrel and Brent oil weakened by more than 6 percent at the level of 98 US dollars per barrel until Wednesday afternoon.
Meanwhile, the rupiah closed at a weakened level of Rp16,911 per US dollar in the spot market. Technically, a narrowing negative histogram of MACD and Stochastic RSI formed a Golden Cross in the overbought area. The JCI also closed above the MA5 accompanied by an increase in buying volume.
"So it is estimated that the JCI has the potential to continue strengthening to test the level of 7,350-7,400," wrote Phintraco Sekuritas.
Adding a positive factor, it was reported that the Minister of Finance Purbaya stated that efficiency measures in various ministries to cut non-urgent expenditures could save the state's expenditures of around IDR 80 trillion.
In addition, the National Nutrition Agency (BGN) proposed reducing the frequency of daily meal distribution as an efficiency measure, potentially saving around Rp. 40 trillion. However, this is still a proposal and will be submitted to President Prabowo for a final decision.
Until now, the Indonesian government is studying a number of steps to mitigate the impact of rising world crude oil prices, including fiscal resilience strategies by utilizing the Surplus Budget Balance (SAL) and optimizing taxes and PNBP from the commodity sector.
In addition, the government is also studying energy saving and consumption strategies with the option of implementing WFH and limiting ministry spending.
Phintraco Sekuritas recommends five stocks for today, namely BBCA, BBRI, BMRI, DSNG and PTRO.
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