JCI Potentially Weakens Due to Profit-Taking Ahead of Long Weekend
Jakarta (ANTARA) - The Composite Stock Price Index (JCI) of the Indonesia Stock Exchange (IDX) on Thursday is potentially moving lower, triggered by profit-taking actions by market players ahead of the long weekend at the end of the week.
The JCI opened stronger by 2.03 points or 0.03 percent to 7,103.26. Meanwhile, the group of 45 leading stocks or LQ45 Index fell 0.50 points or 0.07 percent to 683.64.
“Based on technical analysis, we see the JCI potentially weakening in a limited manner with support and resistance at 7,000-7,325,” said Associate Director of Research and Investment at Pilarmas Investindo Securities, Maximilianus Nico Demus alias Nico, in his analysis in Jakarta on Thursday.
From overseas, the US Federal Reserve decided to maintain its interest rate at 3.5-3.75 percent.
However, differences of opinion among Fed officials are becoming more pronounced, particularly regarding policy prospects amid rising uncertainty in the Middle East.
Fed Chair Jerome Powell stated that he will remain within the Fed, but only as a Governor. Regarding the investigation into the Fed involving Powell, he will not leave the board until all investigations are completed transparently and thoroughly.
This meeting was Powell’s last as the meeting leader of the Fed, to be replaced by Kevin Warsh, who has already received confirmation from the US Senate for the position.
On the other hand, from the US, market players are awaiting the release of the March 2026 PCE Prices Index, expected to rise to 3.3 percent from 2.8 percent in February 2026.
Meanwhile, US economic growth data for the first quarter of 2026 is estimated to grow 1.5 percent quarter-on-quarter (qoq) from the previous 0.5 percent (qoq).
From the European region, market players will monitor the release of first-quarter 2026 GDP data, inflation, unemployment rates, and the results of the European Central Bank (ECB) meeting.
According to consensus, the ECB is expected to maintain its benchmark interest rate at 2.15 percent, in line with the Bank of England (BoE) which is potentially still maintaining its interest rate at 3.75 percent.
Domestically, stock trading only takes place for four days this week, due to International Labour Day (May Day) on Friday, 1 May 2026, followed by the weekend holidays on Saturday and Sunday.
Meanwhile, President Prabowo is targeting the acceleration of the formation of Red and White Cooperatives (KDMP) as part of strengthening the people’s economy.
In the near future, around 1,000 cooperatives will be inaugurated, followed by more than 25,000 in the coming months, with a final target of around 80,000 units across Indonesia.
These cooperatives are designed based on physical assets such as warehouses, cold storage, outlets, and vehicles to directly stimulate village economies, not just administratively. This programme is said to be on an unprecedented scale.
Each cooperative is estimated to absorb around 18 workers, thus potentially creating widespread employment and strengthening the distribution of agricultural and fisheries products. In addition, the cooperatives will be integrated with the free nutritious meal programme to create stable demand for local products.
“We assess that overall, this programme aims to redirect economic flows so that more is enjoyed by the domestic population,” said Nico.
On Wednesday’s trading (29/4/2026), European stock exchanges uniformly weakened, including the Euro Stoxx 50 down 0.39 percent, the UK FTSE 100 down 1.16 percent, the German DAX down 0.27 percent, and the French CAC 40 down 0.39 percent.
Meanwhile, the US Wall Street exchange closed mixed on Wednesday (29/04), including the Dow Jones Industrial Average down 0.57 percent to 48,861.81, the S&P 500 down 0.04 percent to 7,135.95, and the Nasdaq Composite up 0.58 percent to 27,186.99.
Regional Asian stock exchanges this morning included the Nikkei down 656.96 points or 1.10 percent to 59,260.50, the Shanghai up 8.06 points or 0.20 percent to 4,115.58, the Hang Seng down 159.34 points or 0.61 percent to 25,952.50, and the Straits Times up 36.54 points or 0.75 percent to 4,897.51.