The Jakarta Composite Index (IHSG) is forecast to open weaker on Friday, April 24, potentially testing the 7,308 level. This comes after the index posted a significant decline on Thursday, April 23, closing down 163.006 points, or 2.16 percent, at 7,378.606.
According to analysts at Phintraco Sekuritas, the market’s technical indicators signal further downside. “The Stochastic RSI is pointing downwards in the pivot area, suggesting the IHSG has the potential to continue its weakening trend and close a gap down at 7,308,” a Phintraco Sekuritas analyst stated in their Friday, April 24, commentary.
This bearish sentiment, according to Phintraco analysts, is primarily driven by the significant depreciation of the rupiah. The Indonesian currency recently touched a low of Rp 17,300 per US dollar before closing at Rp 17,286 per US dollar in the spot market.
Phintraco analysts highlighted the severity of the situation, noting, “This marks the rupiah’s worst-ever closing level and represents the deepest weakening seen across Asia.”
Analysts also pointed out that this rapid depreciation of the rupiah has significantly exceeded prior market estimates. A key contributing factor is the protracted closure of the Strait of Hormuz, which has kept global oil prices elevated. This situation, in turn, fuels concerns about potential inflation and a widening of the national budget deficit.
For investors navigating this challenging market, Phintraco Sekuritas has issued its stock recommendations for Friday, April 24, including BBTN, ELSA, INDY, TSPC, and MYOR.
Meanwhile, a separate analysis from MNC Sekuritas also projects a weaker performance for the IHSG on Friday, April 24, forecasting the index to trade within the range of 7,245-7,354.
MNC Sekuritas noted in its Friday, April 24, report that “the IHSG is vulnerable to a downward correction, with the nearest support level expected to test 7,245-7,354, which could also lead to the closure of several of its gap areas.”
MNC Sekuritas’s recommended stocks for Friday, April 24, are ADRO, INKP, OASA, and WIFI.
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Disclaimer: Investment decisions are entirely 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.