The Jakarta Composite Index (JCI) opened higher on Friday, May 9, 2025, driven by a rebound in the stock prices of major banking companies. Based on data from the Indonesia Stock Exchange (IDX), the JCI rose by 38.38 points, or 0.56%, to 6,866.31 this morning. This recovery comes after a 1.46% decline to 6,827.75 on Thursday, May 8, 2025. As of this morning, the JCI has fluctuated within the range of 6,844.17 to 6,867.75. A total of 216 stocks advanced, 143 declined, and 200 remained unchanged at the start of today’s trading. The market capitalization stood at Rp11,972.44 trillion.

Today’s market strength was mainly supported by the rising prices of blue-chip bank stocks such as PT Bank Central Asia Tbk. (BBCA), which climbed 0.84% to Rp9,050 per share; PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI), which rose 0.53% to Rp3,810; and PT Bank Mandiri (Persero) Tbk. (BMRI), which increased 0.63% to Rp4,820 per share. Additional gains came from PT Aneka Tambang Tbk. (ANTM), which slightly rose by 0.77% to Rp2,630; PT Medco Energi Internasional Tbk. (MEDC), which surged 2.82% to Rp1,095; PT Amman Mineral Internasional Tbk. (AMMN), which edged up 0.34% to Rp7,400; and PT Erajaya Swasembada Tbk. (ERAA), which jumped 7.88% to Rp520 per share.

According to Valdy Kurniawan, Head of Research at Phintraco Sekuritas, the Stochastic RSI indicator has started to decline from the overbought area. He expects this downward momentum to continue on Friday, May 9, 2025, with the JCI likely testing the support level around 6,770. On the global front, Wall Street indices rose on Thursday, May 8, 2025, following the announcement of trade agreements with the United Kingdom. Under this agreement, the UK is only subject to a basic 10% tariff as the US views its trade balance with the UK as relatively fair. However, US President Donald Trump hinted that countries with large trade surpluses with the US may still face higher tariffs.

Simultaneously, the United States is preparing a delegation to meet with China in Switzerland on Saturday and Sunday, May 10–11, 2025. The delegation will include the US Treasury Secretary, Scott Bessent. Domestically, market participants responded to the decline in Indonesia’s foreign exchange reserves, which dropped to US$152.5 billion in April 2025 from US$157.1 billion in March 2025. This figure marks the lowest level since November 2024.

“Another pressure point on the JCI is the sharp pullback of 5.09% in ANTM stock, along with declines in other gold-related shares that have previously supported the JCI’s rally,” Valdy wrote in his research note on Friday. He predicts that this pullback may continue in the coming days, coinciding with reduced investor interest in safe-haven assets following the trade agreement announcements.

Phintraco Sekuritas recommends stocks like ICBP, AALI, ASII, PTBA, and INDF for today’s trading. Meanwhile, Fanny Suherman, Head of Retail Research at BNI Sekuritas, noted that the JCI closed 1.42% lower on Thursday, accompanied by a net foreign sell of approximately Rp906 billion. The most heavily sold stocks by foreign investors included BMRI, BBRI, BBNI, TLKM, and ASII. “Today’s JCI still has the potential for a technical rebound as long as it holds above the 6,800 support level,” she said in her Friday research report. Technically, the JCI is projected to move between the support range of 6,770–6,800 and resistance between 6,850–6,925 today. Investors are advised to keep an eye on BRMS, SMBR, RAJA, PTRO, BRIS, and AMMN for potential trading opportunities.