JAKARTA - The composite stock index (JCI) is predicted to move sideways in today's trading, Wednesday, April 22, after yesterday closed down 0.46 percent to 7,559.3.
Phintraco Sekuritas in its research said that negative sentiment mainly came from MSCI's announcement that it would still freeze the rebalancing of the Indonesian stock index for the period of May 2026.
Although the exchange authority has made various efforts to reform the Indonesian capital market, MSCI will still evaluate the consistency and effectiveness of new policies, especially the increase in transparency of share ownership data and plans to increase the minimum free float limit to 15 percent.
Investors also anticipate MSCI will remove shares that fall into the High Shareholding Concentration (HSC) category. However, concerns related to the potential decline in the status of the Indonesian capital market to the Frontier Market category are expected to begin to subside.
Phintraco Sekuritas explained, technically, the MACD histogram of the JCI is still in the positive area, although it has begun to narrow. Stochastic RSI is still in the overbought area and continues to decline towards the pivot. The JCI is still above the MA20 level, but below the MA5 level.
"JCI has closed the gap down at 7,527 and is still above the 7,500 level. So it is estimated that JCI will move sideways in the range of 7,480-7,620," wrote Phintraco Sekuritas.
Asian stock indexes closed mixed on Tuesday amid hopes for a solution to the conflict in the Middle East, although on the other hand, US-Iranian tensions are still ongoing.
Indices on European exchanges opened in positive territory, although investors were watching developments ahead of the expiration of a two-week truce between the US and Iran. Crude oil prices are moving lower in a narrow range at $87 per barrel for WTI and $95 per barrel for Brent.
Phintraco Sekuritas recommends five stocks for today, namely BMRI, PANI, PTRO, SSIA and ACES.
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