JCI Still Under Pressure, Potentially Re-corrected This Week

Illustration. (Photo: Dok. Antara)

JAKARTA - The Composite Stock Price Index (IHSG) is predicted to test the 5,500 level in this week's trading, after on Friday, June 5, it closed down 4.2 percent to 5,594.7.

Phintraco Sekuritas in its research explained that several policy uncertainties of the government and market rumors that were responded negatively by the market again pushed the selling pressure on the Indonesian capital market.

Among others, there is a revision of the P2SK Law which has sparked concerns about the potential for interference with the independence of financial institutions.

Meanwhile, the Ministry of Finance reported that the realization of the 2026 State Budget until May 2026 recorded a deficit of IDR 180.4 trillion (0.7 percent of GDP), from a deficit of IDR 20.9 trillion (0.09 percent of GDP) in the same period in 2025.

However, the deficit is still below the 2026 deficit target of IDR 689.1 trillion (2.68 percent of GDP). The rupiah closed down 0.46 percent at IDR 18,049 per US dollar.

The continued weakening of the rupiah has triggered speculation that BI will hold an emergency RDG from the RDG scheduled for June 17-18, 2026.

This week, it is scheduled to be released data on foreign exchange reserves in May 2026 on Monday, consumer confidence in May 2026 on Wednesday, and retail sales in April 2026 on Thursday.

"In the midst of a lack of positive catalysts and under the pressure of negative sentiments, it is estimated that the JCI has the potential to test the level of 5,500 next week," wrote Phintraco Sekuritas.

Meanwhile, MNC Sekuritas revealed that the JCI is still vulnerable to continuing its downtrend to the range of 5,395-5,412 as well as to close the gap area formed and MA200 on a monthly basis.

MNC Sekuritas recommends four stocks for trading this week, namely ANTM, BRMS, MBMA, and DAAZ.