JAKARTA - The Composite Stock Price Index (IHSG) is projected to continue strengthening in trading today, Tuesday 7 November, after closing yesterday up 89.98 points or 1.33 percent to 6,878.83 at the end of trading Monday.
Phintraco Sekuritas in its research said that one of the factors strengthening the JCI yesterday came from the strengthening of the rupiah, following the results of the Fed's FOMC decision last week.
"Another factor comes from Indonesia's economic growth, which rose 4.94% yoy in the third quarter of 2023. However, this level was lower than expected at 5.05 percent yoy; and the previous quarter at 5.17 percent yoy in the second quarter of 2023. This "caused by the decline in exports which contracted by 4.26% yoy," explained Phintraco Sekuritas research.
For today's trading, JCI is expected to move in the support range of 6,800 and resistance of 6,900.
"Stochastic RSI is starting to enter the overbought area, along with the widening of the MACD's positive slope. So, JCI is expected to consolidate at the pivot level of 6,850 on Tuesday," explained Phintraco Sekuritas research.
The positive sentiment for the JCI still comes from the rupiah exchange rate which continued to strengthen 1.21 percent to IDR 15,535 per US dollar at the end of trading Monday.
Meanwhile, domestically, Indonesia's economic growth rose 4.94 percent yoy in the third quarter of 2023. This level was lower than estimates at 5.05 percent yoy and the previous quarter at 5.17 percent yoy in the second quarter of 2023. This was caused by factors the decline in exports contracted by 4.26 percent yoy.
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Still from economic data, China will release export and import data in October 2023. China's exports are estimated to still contract by 3.3 percent yoy and China's imports are estimated to contract by 4.8 percent yoy.
This contraction is expected to put pressure on Indonesia's Foreign Exchange Reserves in October 2023, which will also be released on Tuesday.
For today's trading, the recommended shares are PT Adaro Energy Indonesia (ADRO), PT Indika Energy Tbk (INDY), PT Barito Pacific Tbk (BRPT), PT Aneka Tambang Tbk (ANTM), PT Indofood CBP Tbk (ICBP) , PT Indah Kiat Pulp & Paper Tbk (INKP), and PT AKR Corporindo Tbk (AKRA).
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