JAKARTA – The Jakarta Composite Index (JCI) managed to flip the script during early trading on Tuesday (May 5, 2026), rebounding to post a 0.66% gain and reaching the 7,017 level.
Although market data from RTI Infokom shows that the index initially dipped to 6,968.56 at the market open, it quickly gathered momentum and climbed into positive territory. By mid-morning, the market breadth was positive, with 328 stocks gaining, 232 declining, and 165 remaining unchanged. This performance brings the total market capitalization on the Indonesia Stock Exchange (IDX) to approximately Rp12,510.63 trillion.
Market Outlook and Analyst Projections
Despite the morning rally, analysts suggest that the JCI is likely to experience limited movement for the remainder of the session. According to BRI Danareksa Sekuritas analyst Reza Diofanda, the index is expected to trade within a support range of 6,920–7,000 and a resistance range of 7,100–7,160. Market participants are keeping a close watch on the weakening Rupiah, which has surpassed the Rp17,400 per dollar threshold.
“We project the JCI will continue to trade within a limited range. The primary catalyst affecting market sentiment today is the depreciation of the Rupiah alongside anticipation for Indonesia’s Q1 GDP growth data, which is expected to show a cooling trend,” Diofanda explained in his daily research note.
Stock Recommendations
Amid this climate, BRI Danareksa Sekuritas has issued several stock recommendations for investors. For those looking for long positions, analysts suggest PT Indo Tambangraya Megah Tbk. (ITMG) with a target price range of Rp27,025–Rp27,600 and a stop loss below Rp25,000. Additionally, PT Minna Padi Investama Sekuritas Tbk. (PADI) is recommended with a target of Rp130–Rp139 and a stop loss set at below Rp115. Investors are also advised to consider PT Saratoga Investama Sedaya Tbk. (SRTG), with a target price of Rp1,870–Rp1,960 and a stop loss below Rp1,700.
Conversely, the firm has issued a “sell” recommendation for PT Chandra Asri Pacific Tbk. (TPIA), setting a price target of Rp4,460. From a technical perspective, TPIA is currently facing a bearish trend characterized by high selling volume.
Disclaimer: This article is for informational purposes only and does not constitute a recommendation to buy or sell any financial assets. Investment decisions are the sole responsibility of the reader. The publisher is not liable for any losses or gains resulting from the use of this information.
Summary
The Jakarta Composite Index (JCI) rebounded to gain 0.66%, reaching the 7,017 level during early trading on Tuesday. Despite an initial dip at the market open, positive breadth saw 328 stocks advancing and total market capitalization reaching approximately Rp12,510.63 trillion. Analysts expect limited index movement as investors monitor the weakening Rupiah and upcoming Q1 GDP growth data.
Market projections place the JCI within a support range of 6,920–7,000 and resistance between 7,100–7,160. Stock recommendations include long positions for ITMG, PADI, and SRTG, while a sell rating was issued for TPIA due to a bearish technical trend. The primary market catalysts remain the depreciation of the Rupiah beyond Rp17,400 per dollar and cooling economic growth expectations.
