JAKARTA - The Composite Stock Price Index (JCI) has the potential to test the resistance level at 7,300-7,350 on today's trading, Thursday, April 9, after yesterday closed up significantly by 4.42 percent to the level of 7,279.2.
Phintraco Sekuritas in its research said that the strengthening of the JCI was driven by the US-Iran ceasefire report, after President Trump agreed to postpone plans to attack infrastructure in Iran for two weeks.
The news prompted a significant correction in crude oil prices. WTI crude oil prices fell by about 15 percent to the level of 95 US dollars per barrel and the Brent oil price corrected by more than 13 percent to reach the level of 94 US dollars per barrel until Wednesday, April 8 afternoon.
All sectors strengthened with the largest strengthening in the raw materials sector of 8.91 percent, along with the strengthening of the majority of metal commodities.
Phintraco Sekuritas explained technically, the formation of a positive histogram continued accompanied by an increase in buy volume. Stochastic RSI also indicates that the strengthening of the JCI has the potential to continue.
"JCI has broken through the MA5 and MA20 levels. So it is estimated that JCI has the potential to test the resistance level at 7,300-7,350," wrote Phintraco Sekuritas.
The rupiah closed up 0.55 percent at Rp17,012 per US dollar in the spot market, Wednesday, April 8, responding to the positive news of the ceasefire.
Meanwhile, Indonesia's foreign exchange reserves fell to 148.2 billion US dollars in March 2026 from 151.9 billion US dollars in February 2026. This is the lowest level since July 2024, mainly due to the efforts of the Bank Indonesia (BI) to stabilize the rupiah amid increasing global market pressures.
Nevertheless, the value of this foreign exchange reserves is still relatively safe because it covers 6 months of imports or 5.8 months of imports and government foreign debt payments, well above the international benchmark of around 3 months of imports.
The stocks recommended by Phintraco Sekuritas today include BBNI, BBCA, UNVR, ISAT and ASII.
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