Get Ready! JCI May Reach 7,000 This Month

Illustration of Stock Trading (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (IHSG) is predicted to reach a position of up to 7,000 in February 2023.

PT Mirae Asset Sekuritas Indonesia Senior Investment Information Nafan Aji Gusta said, the JCI prediction will consolidate bullish with a movement range of 6,816 to 7,000.

"Technically, the stochastic and RSI indicators are still positive," Nafan said, quoting Antara.

In his view, inflation at the national and global levels is starting to be maintained, so the Bank Indonesia (BI) and the Central Bank of the United States (US) The Fed are giving signals that they will hold back on increasing their benchmark interest rates.

According to him, a stable reference interest rate will affect the stability of bank lending rates, so it will affect credit requests from debtors.

"This year's projected credit growth can still record double digits, still strong," said Nafan.

In addition, he asked BI to continue to intervene if there was an outflow of capital on the domestic financial market, by buying an instrument that could be purchased on the secondary market or the spot market.

Of the six sectors that are still underperforming in the index, he said the sectors that have the greatest potential to outperform are the financial sector and the non-primary consumer goods sector in 2023.

"Thus, the sector related to setting the benchmark interest rate should get a positive catalyst," said Nafan.

On the same occasion, Senior Research Analyst Mirae Asset Robertus Hardy said that economic conditions in 2023 would still be positive for the automotive and telecommunications sectors, compared to other sectors.

"For the automotive sector, a political year will usually trigger an increase in community mobilization," said Robertus

He is optimistic that the mutual fund industry in the Indonesian capital market will grow to reach IDR 1,000 trillion in the next three years or sooner.

"With IT (information technology) innovation, we believe the mutual fund industry target of IDR 1,000 trillion in 2027 will be easy to achieve, even faster," said Robertus.