Five Recommended Stocks Amid IHSG Consolidation Movement Thursday

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (IHSG) is predicted to move in consolidation in today's trading, Thursday, September 12. Phintraco Sekuritas in its research estimates that IHSG will move in the resistance range of 7,800, pivot 7,750, and support 7,700.

Phintraco Sekuritas explained that the market tends to wait and see regarding the release of global data from both the European region and the United States (US).

"From a technical perspective, today IHSG formed a spinning top pattern and MACD moved sideways," wrote Phintraco Sekuritas.

Phintraco Sekuritas added that after the release of inflation data from the consumer side, the market is now waiting for producer inflation data from the US producer side which is expected to be stable at 0.10 percent MoM. In addition, on the same day, the market is also anticipating the release of US unemployment claims data which is expected to increase to 231 thousand from the previous level of 227 thousand.

"The data has the potential for a slowdown in the labor market," added Phintraco Sekuritas.

Phintraco Sekuritas added that the market focus will also be on Europe, where the ECB is expected to cut interest rates by 25 bps from 4.25 percent to 4 percent. Still related to the benchmark interest rate policy, BI is believed to still stick to the previous policy direction, namely holding the benchmark interest rate in the September 2024 RDG.

Phintraco Sekuritas recommends five stocks for today, including ERAA, ESSA, BRPT, TLKM and EXCL.