IHSG Potentially Weakens on Monday, Six Stocks Worth Investor Attention

JAKARTA - The Composite Stock Price Index (IHSG) will continue its decline at the psychological level of 7,700 in today's trading, Monday, September 23.

IHSG closed lower at 7,743,004 (-2.054 percent) moving in the range of 7,738,321-7,910,866 in trading, last weekend, Friday, September 23.

"Technically, there is a death cross on the Stochastic RSI in the overbought area and a Bearish Engulfing pattern is formed which indicates a bearish reversal," explained Phicantro Sekuritas in its research.

The Phicantro Sekuritas team stated that there is a global sentiment, namely the release of the S&P Global Composite PMI Flash September 2024 data in the US on Monday which is expected to fall to level 53 in September 2024.

The decline in the Composite PMI component was due to expectations of a decline in the services side which is estimated at 54, while the manufacturing side is expected to grow slightly at level 48. Meanwhile, on the same day, in Europe there was also the release of the Euro Area HCOB Composite PMI Flash September 2024 data which is expected to stagnate at level 51.

Unlike the US, the services PMI component is expected to increase slightly at level 53, while the Manufacturing PMI is expected to remain in the contraction zone at level 45.6. Meanwhile, domestically, the growth in the money supply (M2) in August 2024 is scheduled for release this Monday.

Indonesia's M2 position was recorded to have grown by 7.4 percent (year on year/YoY) in July 2024, influenced by the growth in credit distribution and an increase in net bills to the Central Government.

Meanwhile, the growth of the money supply in August 2024 is expected to remain stable along with credit growth in August 2024 which is maintained at double digits, namely 11.4 percent YoY.

The Phicantro Sekuritas team recommends stocks to watch today, namely MBMA, PGAS, JSMR, AKRA, MEDC, and PTBA.