IHSG Will Continue Strengthening on Wednesday, Five Stocks Recommended

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (IHSG) is projected to continue strengthening in today's trading, Wednesday, October 9. Phintraco Sekuritas in its research estimates that IHSG will move in the resistance range of 7,600, pivot 7,550, support 7,500.

Phintraco Sekuritas explained that today's IHSG is expected to continue strengthening to the range of 7,600-7,630. Technically, a morning star doji pattern was formed yesterday, and a golden cross was formed on the MACD.

"Both are strong indications of a minor bullish reversal," wrote Phintraco Sekuritas.

Phintraco Sekuritas added that capital outflow from the Indonesian capital market has subsided and is expected to continue for some time to come. This was triggered by market disappointment over the statement by the China National Development and Reform Commission which was considered to have closed the opportunity for major fiscal stimulus in the near future.

"This condition triggered a significant weakening in the indices in East Asia, especially the HSI which fell 9.41 percent and the Nikkei weakened 1 percent which had recorded a rally during the Chinese capital market holiday," explained Phintraco Sekuritas.

According to Phintraco Sekuritas, the above sentiment also triggered a significant pullback in oil prices. The pullback dampened speculation about the potential for an increase in subsidized fuel prices in the fourth quarter of 2024.

Phintraco Sekuritas recommends five stocks that investors can look at, namely BBNI, BBRI, BBTN, BNGA, and ICBP.