The IHSG is Predicted to Continue Weakening on Thursday, Check Out These Stock Recommendations

JAKARTA - The Composite Stock Price Index (IHSG) closed up 0.19 percent or 13.898 points to 7,255.762 in yesterday's trading, Wednesday, July 31. So, how is the movement of the IHSG for today, Thursday, August 1?

Phintraco Sekuritas in its research saw that the IHSG moved fluctuatively throughout Wednesday's trading. Technically, the Stochastic RSI is still stuck in the oversold area, while the MACD tends to move down.

"Thus, the IHSG is still vulnerable to further weakening to the support area range of 7,230-7,200 on Thursday," explained Phintraco Sekuritas.

Furthermore, the movement of the IHSG is still influenced by the market response to the financial performance in the second quarter of 2024. A number of bluechip stocks with satisfactory financial performance support the IHSG, including ASII and BBCA. They estimate that this weekend will be the peak of financial report releases.

Meanwhile, externally, China's manufacturing index was at 49.4 in July 2024, slightly better than expected. This realization indicates a contraction in the manufacturing sector in China in a row in the last three months.

"In addition, the BoJ's decision to raise the benchmark interest rate to 0.25 percent from 0.1 percent has the potential to trigger capital outflow from developing countries, including Indonesia in the short term," they said.

The stocks recommended by Phintraco Sekuritas for today include ASII, BRIS, JSMR, CTRA and PGEO.