JAKARTA - The Composite Stock Price Index (IHSG) is projected to move lower in today's trading, Thursday, October 24. Phintraco Sekuritas in its research estimates that the IHSG will move in the resistance range of 7,830, pivot 7,750, and support 7,700.
Phintraco Sekuritas explained that the IHSG moved according to estimates by being held below the resistance area of 7,800-7,830 on Wednesday (10/23/2024). Along with this movement, the narrowing of the negative slope on the MACD continues.
"Thus, the IHSG today is predicted to return sideways with a tendency to weaken in the range of 7,750-7,800," wrote Phintraco Sekuritas in its research, Thursday (10/24/2024).
Today, continued Phintraco Sekuritas, the market will be busy with manufacturing index data in the United States (US), Euro Area, and Germany which are expected to improve in October 2024, although still below the expansion limit (50).
"Meanwhile, the UK is one of the few countries in Europe that maintains its manufacturing index above 50, although it experienced a slight decline (10 bps mom) in October 2024," explained Phintraco Sekuritas.
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Still from external, Phintraco Sekuritas said that the market does not seem to have enough time to respond to the decline in home sales (previously owned) in the US by 1 percent mom in September 2024 to 3.84 million units, the lowest level since October 2010.
"This condition has the potential to change market expectations again on the Fed's policy, especially if the initial jobless claims data tonight is higher than expected," said Phintraco Sekuritas.
Phintraco Sekuritas recommends five stocks for today, namely JPFA, MAIN, CPIN, SMDR, and SMGR.
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