Wednesday IHSG is Predicted to Gain Limited Strength, Check Out These Stock Recommendations
JAKARTA - The Composite Stock Price Index (IHSG) is predicted to strengthen to a limited level of 7,150 in today's trading, Wednesday 13 December, after rising 0.52 percent or 36.52 points yesterday to level 7,125.
Based on Bloomberg data, yesterday 257 shares were recorded as strengthening, 304 shares weakening, and 209 shares stagnating. Throughout trading, JCI moved in the range of 7,082-7,134. Market capitalization was recorded at IDR 11,460 trillion.
Phintraco Sekuritas in its research said that the JCI is expected to continue its limited strengthening in the resistance test to the level of 7,150 on Wednesday. This condition is supported by stable volume even though the Stochastic RSI has started to fall from the overbought area.
In today's trading, the JCI resistance level is 7,150, while the pivot level is 7,100 and the support level is 7,050. Externally, the market is waiting for the release of US inflation data which is estimated to slow to 3.1 percent year-on-year (yoy) in November from 3.2 percent yoy in October and core inflation which is estimated to be stable at 4.4 percent yoy.
Apart from that, the market is also waiting for the results of the Fed's FOMC meeting which is expected to hold the benchmark interest rate at 5.5 percent yoy. This decision indicates that the US is implementing a soft-landing policy considering that the benchmark interest rate is currently at its highest level.
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Sentiment from Europe, the UK's quarterly average economic growth is expected to rise to 0.1 percent yoy as of October 2023 from previously at 0 percent yoy. Domestically, the market is waiting for the release of Indonesian Trade Balance data on Friday, December 15.
The NPI surplus is expected to return in November 2023. However, this surplus is caused by a deeper decline in the value of exports than the decline in the value of imports.
"The top stock picks on Wednesday were ASSA, INKP, ISAT, ITMG, MIKA, TKIM and BSDE," explained Phintraco Sekuritas research.