The Jakarta Composite Index (IHSG) is projected to experience further weakness in Tuesday’s trading session (September 2). This comes after the index notably corrected by 1.21 percent, closing at 7,736 on Monday (September 1).
Analysts at Phintraco Sekuritas anticipate the IHSG will continue to fluctuate within the 7,550-7,780 range. Their technical analysis indicates that key indicators such as MACD and Stochastic RSI have not yet signaled a clear trend reversal, suggesting ongoing market uncertainty.
Despite the prevailing caution, there are glimmers of hope for a potential turnaround. Phintraco Sekuritas notes that the Stochastic indicator is currently in the oversold area, coupled with signs of buying accumulation at the support level, hinting at a possible technical rebound. However, this rebound would only be definitively confirmed if the IHSG manages to sustain its position above the 7,780 resistance level, as stated in their research on Tuesday (September 2).
From a fundamental perspective, persistent concerns regarding domestic security and political stability continue to exert negative pressure on the market. Nevertheless, an encouraging trend of bargain hunting has emerged, particularly in stocks that have recently seen significant declines. The rally in global gold prices has also stimulated buying interest in gold commodity stocks, even as the technology sector recorded the deepest correction among its peers.
Providing a strong counter-narrative to market anxieties, several domestic economic indicators remain robust. Indonesia’s Manufacturing Purchasing Manager’s Index (PMI) notably climbed to 51.5 in August, a significant improvement from the contractionary level of 49.2 recorded in July. Furthermore, the August Manufacturing PMI marks its highest level since March 2025, following five consecutive months of contraction, signaling a recovery in the manufacturing sector. The trade balance for July also continued its positive trajectory, posting a surplus of USD 4.18 billion, an increase from the previous month’s surplus of USD 4.11 billion.
Inflation data for August 2025 showed a deceleration, slowing to 2.31 percent year-on-year (YoY) from 2.37 percent. This moderation was accompanied by a month-to-month (mtm) deflation of 0.08 percent. Crucially, this inflation rate remains well within Bank Indonesia’s (BI) target range of 1.5 percent to 3.5 percent YoY, indicating stable price conditions.
In light of their analysis, Phintraco Sekuritas has recommended several stocks for investors to monitor during Tuesday’s trading session (September 2). These include BBTN, ICBP, ENRG, RAJA, and SMGR, based on their assessments of market dynamics and individual stock potential.
Offering a distinct perspective, MNC Sekuritas analysts project that the IHSG remains vulnerable to further corrections. They anticipate the index could form wave 2 of wave (3) as per their black label scenario, or alternatively, wave 4 of wave (1) under their red label scenario. According to their research published on Tuesday (September 2), the expected correction area for the IHSG is projected to test levels between 7,233 and 7,534.
Aligning with their market outlook, MNC Sekuritas also provided a list of recommended stocks for attention during Tuesday’s trading. Their picks include MBMA, PGEO, RATU, and WINS, suggesting these equities could offer opportunities amidst the anticipated market movements.
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Disclaimer: Investment decisions are solely based on the reader’s consideration and judgment. This news article does not constitute an invitation to buy, hold, or sell any specific investment product.
Summary
The Jakarta Composite Index (IHSG) is projected to experience further weakness, having corrected by 1.21% to close at 7,736. Analysts from Phintraco Sekuritas anticipate fluctuation between 7,550-7,780, noting that persistent domestic security and political stability concerns exert negative pressure. However, they also see signs of a potential technical rebound if the IHSG sustains above the 7,780 resistance level, while MNC Sekuritas projects further corrections, possibly testing 7,233-7,534.
Conversely, strong domestic economic indicators offer a positive counter-narrative, including Indonesia’s Manufacturing PMI climbing to 51.5 in August and the trade balance posting a USD 4.18 billion surplus in July. Inflation also decelerated to 2.31% year-on-year, remaining within Bank Indonesia’s target range. Despite the mixed outlook, bargain hunting has emerged in declined stocks, and both Phintraco Sekuritas and MNC Sekuritas have recommended specific stocks for investors to monitor.