JCI Corrects, But Market Sentiment Not Completely Negative
The Jakarta Composite Index (JCI) moved around 7,245.59 in today's trading, down around 0.46% compared to the previous close. Despite opening lower, the JCI is still trying to maintain the positive performance recorded in yesterday's session.
At the start of trading, the JCI opened with a gap down at 7,238.46 and briefly fell to 7,191.58 within the first hour. However, after the initial pressure subsided, the index slowly returned above its opening level, indicating the market is still trying to maintain stability amid mixed external sentiment.
Market participants received a positive boost from news of a two-week ceasefire between the US, Israel and Iran, which eased some global geopolitical concerns. However, investors remain cautious as the situation remains fragile, especially ahead of planned follow-up negotiations between the two parties scheduled for this week.
Sectorally, the majority of domestic stock indices moved in the red, with initial pressure triggered by a weak opening. INFOBANK15 was one of the indices that experienced a significant decline, down 1.17%, pressured by the decline in major banking stocks, such as BBNI (2.12%), BBCA (1.11%), and BBRI (1.80%).
However, pressure on the banking sector was somewhat offset by the strengthening of several other stocks, such as BRIS (1.91%), BDMN (0.77%), and PNBN (1.06%). This movement indicates that the market is still conducting a tight selection amidst unstable global sentiment.
From a domestic fundamental perspective, the market also paid close attention to the statement by the Minister of Energy and Mineral Resources (ESDM), Bahlil Lahadalia, who assured that Indonesia's energy supply remains secure amid global geopolitical uncertainty. The government has reportedly diversified its energy supply sources from several countries, including Angola, Nigeria, the United States, and several others. This step is considered crucial to maintaining national energy security amid potential disruptions from vulnerable areas.
Overall, today's JCI movement reflects a market that remains cautious but hasn't lost its optimism. Investors' next focus will be on global geopolitical developments and the release of consumer confidence data, which could provide new direction for domestic market sentiment.(Zaf)
Source: Newsmaker.id
