JCI This Week Projected to Move in the Range of 6,000-6,300, Watch the Stock Recommendations

Illustration. (Photo: Dok. Antara)

JAKARTA - The composite stock price index (JCI) is predicted to move sideways in today's trading, Tuesday, June 2, after last weekend closed slightly weaker at 0.05 percent to 6,127.3.

Phintraco Sekuritas in its research explained that although there was selling pressure on several stocks that were removed from the MSCI index, the correction was not as deep as feared and some stocks actually increased. This is allegedly because the MSCI index rebalancing was previously anticipated by investors.

Positive sentiment also came from the strengthening of the majority of indices on Asian exchanges which were triggered by an increase in technology sector stocks on Wall Street, despite the renewed escalation of military tensions between the US and Iran.

The weakening of crude oil prices is also a positive factor. However, the rupiah continued to weaken to a low level of Rp17,881 per US dollar in the spot market last Friday.

Phintraco Sekuritas explained technically, Stochastic RSI continued to reverse towards the pivot and the negative MACD histogram continued to narrow.

"So it is estimated that the JCI has the potential to move sideways in the range of 6,000-6,300 this week," wrote Phintraco Sekuritas.

Meanwhile, MNC Sekuritas predicts the next expected correction area will test 5,899 and its support area.

MNC Sekuritas recommends four stocks for trading today, namely DEWA, UNTR, UNVR, and NCKL.