KONTAN.CO.ID - JAKARTA. The Composite Stock Price Index (IHSG) strengthened by 0.16% or 11.8 points to 7,350.15 until the end of trading on the Indonesia Stock Exchange (IDX), on Friday (22/3). Citing RTI, the IHSG strengthened by 0.3% in a week.

Phillip Securities Indonesia analyst Joshua Marcius sees that the sentiment affecting the movement of the IHSG last week was the decision of The Fed's interest rate and other central banks to keep interest rates at the same level.

In addition, the statement of the United States (US) central bank to maintain the projection of three times interest rate cuts in 2024 also affected the movement of the IHSG last week.

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“The statement was made even though inflation data such as CPI and PPI showed a still quite high inflation rate in the US,” he said to Kontan, on Friday (22/3).

According to Joshua's prediction, the IHSG will return to being bullish in tomorrow's trading. This is reflected by the rebound on the EMA 21 and 34 indicators, with the formation of a swing low.

The sentiment affecting the movement of the IHSG tomorrow is the release of Indonesia's M2 money supply data and the release of US gross domestic product (GDP) data.

Joshua also projects that the IHSG will move at the support level of 7,300 and resistance 7,440 in tomorrow's trading. Stocks to watch in tomorrow's trading are PANI, MTDL, and BBTN.

Equity Research Analyst Alrich Paskalis Tambolang said the IHSG closed stronger on Friday (22/3) marking the maintenance of bullish momentum. The IHSG has successfully broken out a pivot at the level of 7,340, which signals the potential for a rebound.

“Technically, there is a narrowing of the negative slope on the MACD indicator, signaling the presence of positive momentum that can push the IHSG to test the next resistance at the level of 7,375 tomorrow,” he revealed to Kontan, Friday (24/3).

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According to Alrich, the sentiment driving the IHSG in tomorrow's trading is influenced by global and regional sentiment.

From a global perspective, investors are awaiting the release of the US Durable Goods Order MoM data on Tuesday (26/3) which is expected to recover by 1% in February 2024. This recovery is predicted to occur after experiencing a significant decline in January 2024 to 6.1%.

This is in line with the US Producer Price Index (PPI) in February 2024 which experienced a significant increase of 1.6% YoY from previously 1%.

“Meanwhile, there is a release of the Conference Board (CB) Consumer Confidence data for March 2024 on the same day, which is expected to be the same as February 2024, which is at the level of 106.7,” he said.

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From a regional perspective, investors are awaiting the results of the Bank of Japan (BoJ) Monetary Policy Meeting Minutes on Monday (25/3). This anticipation comes after the BoJ raised the benchmark interest rate to 0.00%, or in line with market expectations.

“The increase is the first interest rate hike since 2007, so it is expected that the Policy Meeting Minutes will add positive catalysts to the Japanese economy in 2024,” he explained.

Alrich projects that the IHSG in tomorrow's trading will be at the resistance level of 7,400 and support 7,300, with a pivot of 7,350.

The selected stocks for trading on Monday (25/3) include ASII, ICBP, INDF, SMGR, TKIM, and TOWR.

Editor: Syamsul Azhar