Can the JCI Continue Its Rally After Soaring 4.42%? Check Analyst Projections
JAKARTA, KOMPAS.com - The surge in the Composite Stock Price Index (JCI) by 4.42% to 7,279.209 during Wednesday’s trading (8/4/2026) reflects the market’s high sensitivity to global geopolitical dynamics.
This sharp rise was triggered by US President Donald Trump’s decision to postpone plans for an attack on Iran for two weeks.
Capital market analyst and Founder of Republik Investor, Hendra Wardana, assesses that this sentiment has directly alleviated market concerns over potential disruptions to global energy supplies, particularly after the Strait of Hormuz was reopened.
As long as the ceasefire is temporary and heavily dependent on political dynamics, market volatility is expected to remain high.
The character of Trump’s policies, which tend to change rapidly, becomes the primary risk factor.
If no permanent agreement is reached in the next two weeks or if escalation resumes, the market could correct again, especially if oil prices surge and pressure global inflation.
From a technical perspective, the JCI is now entering a crucial phase.
As long as it can hold above the 7,200 area, the opportunity to continue strengthening towards the 7,320–7,350 resistance remains open.
Even, with support from foreign fund flows and global stability, the JCI has the potential to test the 7,400 level in the medium term. “The JCI is now entering an important phase. If it can hold above the 7,200 area, then the opportunity to continue strengthening towards the 7,320–7,350 resistance is wide open. Even, if supported by foreign fund flows and global stability, it is not impossible for the JCI to retest the 7,400 area in the medium term,” he explained.
Conversely, if it fails to hold, the index risks returning to the 7,000–7,100 consolidation area.
Thus, the current momentum can be seen as the beginning of a recovery, but it has not yet fully confirmed a solid trend reversal.
In such conditions, investors are advised to remain disciplined and selective.
Meanwhile, stocks deemed attractive to monitor for Thursday’s trading (9/4/2026) include: Hendra recommends PT Merdeka Battery Materials Tbk (MBMA) with a target price of Rp 855–Rp 935, PT Japfa Comfeed Indonesia Tbk (JPFA) target in the range of Rp 2,800–Rp 3,000, PT Surya Citra Media Tbk (SCMA) target at Rp 300–Rp 350, and PT Bumi Resources Tbk (BUMI) with a target of Rp 280–Rp 306.
Meanwhile, Head of Retail Research at MNC Sekuritas, Herditya Wicaksana, recommends several stocks, namely PT Astrindo Nusantara Infrastruktur Tbk (BIPI) in the range of Rp 262–Rp 280, PT Bumi Resources Minerals Tbk (BRMS) Rp 940–Rp 980, and PT Merdeka Battery Materials Tbk (MBMA) Rp 815–Rp 850.