IHSG Projected to Weaken on Wednesday Trading

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IHSG Projected to Weaken on Wednesday Trading

IHSG Projected to Weaken on Wednesday Trading

TNews - Jakarta, October 18, 2023 - The Composite Stock Price Index (IHSG) in Indonesia is projected to experience a weakening trend in Wednesday's trading session. This assessment comes from William Surya Wijaya, the CEO of Yugen Bertumbuh Sekuritas, a well-known figure in the securities market. Wijaya believes that the IHSG is currently undergoing a technical rebound after a period of reasonable consolidation. Nevertheless, he is confident that the index is likely to remain relatively flat during today's trading session.

In a statement, William Surya Wijaya commented, "As we approach the release of economic data and with indications that the interest rate level is not expected to change, the IHSG is likely to continue reflecting the economic stability. This is anticipated to help boost the performance of the IHSG in the near future."

Wijaya predicts that the stock index will move within a range of support at 6,789 and resistance at 6,978. He also shared his recommendations for selected stocks, which include SMGR, GGRM, JSMR, ITMG, TLKM, UNVR, BSDE, and SMRA.

In contrast, William Hartanto, a Market Practitioner and the Founder of WH-Project, is less optimistic about the IHSG's prospects. He does not foresee any significant triggers that would propel the index to surge past the 7,000 level. According to Hartanto, the IHSG is more likely to weaken, fluctuating between 6,823 and 7,000.

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Hartanto explained his viewpoint, "Despite appearances, the recent strengthening of the IHSG was not accompanied by an increase in transaction values. In fact, the transaction values decreased in the previous trading session, which does not indicate that the IHSG's movement towards 7,000 is secure."

On Tuesday, October 17, the IHSG showed strength by reaching a level of 6,939, marking an increase of 43.32 points or 0.63 percent compared to the previous trading day. During this session, investors conducted transactions worth Rp9.13 trillion, involving a total of 21.77 billion shares.

The IHSG's performance is closely tied to both domestic and international factors, and investors are keen to monitor its movement as it plays a vital role in gauging the overall health of Indonesia's financial markets. Economic indicators, monetary policy, and global market trends all influence the index's trajectory. The projection of a relatively flat trading day reflects the cautious sentiment prevailing in the market, as investors await economic data releases and maintain a close watch on global developments.

Indonesia's stock market has shown resilience over the years, with investors keen to explore opportunities in a diverse range of sectors, including manufacturing, finance, and technology. The IHSG's performance is a critical barometer for investors and market observers, providing valuable insights into the economic conditions and investor sentiment in the country.

While today's projection suggests a period of stability for the IHSG, investors should remain vigilant and adapt to any sudden shifts in market dynamics. The Indonesian stock market remains an area of significant interest for both domestic and international investors, with the potential to offer substantial returns and opportunities for those who navigate it skillfully.

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IHSG Projected to Weaken on Wednesday Trading