Pediafx – Today, Monday (August 28, 2023), the IHSG is predicted to continue consolidating around the 6,880 level. Stocks such as TKIM, BBCA, HRUM, and ULTJ are recommended by analysts this morning.
Pediafx — The Composite Stock Price Index (IHSG) is predicted to continue consolidating around 6,880 in today’s trading, Monday (August 28, 2023). Several stocks are recommended by analysts this morning. The Analyst Team of Phintraco Sekuritas mentioned that the IHSG has the potential for a technical rebound towards the range of 6,900. Conversely, if the IHSG falls below the level of 6,880, the index has the potential to continue the decline and test the support levels of 6,830 – 6,850. “Market participants are paying attention to Jerome Powell’s speech on Friday night, in addition to the economic growth of the United States and inflation, as well as Indonesia’s manufacturing index,” they said in their daily research, quoted on Monday (August 28, 2023). In more detail, market participants are expected to respond to the speech by the head of The Fed, Jerome Powell, on Friday (August 25, 2023) evening WIB. The market is awaiting guidance from the September 2023 FOMC meeting and The Fed’s outlook on the US economy following the downgrading of credit ratings by several rating agencies.
Still from the US, the data on US economic growth in the second quarter of 2023, which will be released on Wednesday (August 30, 2023), can serve as validation for The Fed’s outlook on the US economy. Domestically, market participants are monitoring the inflation data and the manufacturing index for August 2023 (September 1). Inflation is expected to increase, but it is believed that it will not disrupt domestic financial stability.
Some of Phintraco’s selected stocks are BBCA, BBRI, PGEO, MTEL, JSMR, INTP, PNLF, and TKIM. On the other hand, Financial Expert from Ajaib Sekuritas, Ratih Mustikoningsih, stated that this week (August 28 – September 1, 2023), the IHSG has the potential to move sideways with a limited strengthening within the range of 6,850-6,955. Ajaib recommends several stocks based on technical analysis, namely:
- PT Merdeka Copper Gold Tbk. (MDKA) – Buy MDKA at the range of Rp3,220 with a target price at the resistance level of Rp3,340. Consider cutting losses if it breaks the support level at Rp3,150.
- PT Harum Energy Tbk. (HRUM) – Buy HRUM at the range of Rp1,600 with a target price at the resistance level of Rp1,670. Consider cutting losses if it breaks the support level at Rp1,550.
- PT Ultrajaya Milk Industry Tbk. (ULTJ) – Buy ULTJ at the range of Rp1,845 with a target price at the resistance level of Rp1,920. Consider cutting losses if it breaks the support level at Rp1,790.
During the closing of last week’s trading, the IHSG ended at 6,895.44, a decrease of 0.06 percent. The IHSG moved within the range of 6,869.63 to 6,906.08. A total of 18.15 billion shares were traded with a transaction value of Rp9.43 trillion. There were 996,477 transactions. The IHSG recorded a 0.52 percent increase over the week and closed at 6,895.44. Throughout the trading week, the composite index moved between 6,959.43 and 6,890.27. Furthermore, the IDX noted that there was a 6.66 percent increase in the average transaction volume, reaching 17.88 billion shares compared to 16.77 billion shares in the previous week.
At 12:01 PM WIB, during the first session, the IHSG strengthened by 0.27 percent. The IHSG increased by 18.50 points to reach 6,913.94 at the end of the first session. Throughout the session, the IHSG moved within the range of 6,903.12 to 6,930.19. Among the listed stocks, 277 stocks gained, 230 stocks declined, and 227 stocks remained unchanged.
At 09:01 AM WIB, at the opening of the trading day, the IHSG rose by 0.32 percent. The IHSG increased by 22.34 points to reach 6,917.78. Among the listed stocks, 167 stocks gained, 55 stocks declined, and 263 stocks remained unchanged.
