JAKARTA - The composite stock index (JCI) is predicted to still be vulnerable to correction in today's trading, Tuesday, May 26, after yesterday closed up 0.72 percent to 6,206.3.
Phintraco Sekuritas in its research explained that positive sentiment, among others, came from the decline in crude oil prices below the level of 100 US dollars per barrel, due to the hope that an agreement between the US and Iran would be reached to reopen shipping lanes in the Strait of Hormuz.
However, the JCI is still fluctuating in the shadow of MSCI rebalancing and the implementation of new Government policies.
The transportation sector recorded the largest increase (3.83 percent), while the energy sector experienced the largest weakening (2.04 percent). However, the rupiah closed down 0.15 percent at Rp17,744 per US dollar.
"Technically, the JCI briefly broke through the MA5 level, but closed below that level. Stochastic RSI formed a Golden Cross in the oversold area. The JCI is expected to move in the range of 6,100-6,300," wrote Phintraco Sekuritas.
Meanwhile, MNC Sekuritas said the next correction area of the JCI will test the level of 5,899 as well as its support area.
MNC Securities recommends five stocks for today's trading, namely ADRO, ELSA, EXCL, and INDY.
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