IDX Composite to Park at 7,000 While Fed Keeps Rate High, Analys

IDX Composite is expected to consolidate at 7,000 as investors are poised to implement the Halloween strategy, especially amid the Fed’s policy to keep rates high throughout the second half of 2023.

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23 Okt 2023 - 14.40
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IDX Composite to Park at 7,000 While Fed Keeps Rate High, Analys

For Monday's trading, the analysts recommend several stocks, including BBCA, MIKA, ELSA, BRIS, ICBP, MIDI, JSMR, AKRA, and MAPI. - Foto BID

Bisnis, JAKARTA — The IDX Composite (IHSG) is expected to consolidate at around 7,000 as investors are poised to implement the Halloween strategy, especially amid the Fed’s policy to keep rates high throughout the second half of 2023.

A research team at Phintraco Sekuritas projects the IHSG to move around 6,930–7,020 in the coming week, with the closest support at 6,830. This follows a slight 0.04% increase to 6,849 in the previous week's trading. They explain that the recent IHSG rally was supported by major capital banks, possibly triggered by bargain hunting following a significant decline on Thursday (19/10/2023).

“IHSG has a resistance level at 6,930 and a pivot level of 6,875 in the upcoming week,” they said in their daily research report, as quoted on Sunday (22/10/2023). However, the rupiah continues to weaken by 0.38% to IDR15,870 per US dollar, potentially overshadowing a further rebound in bank stocks on Monday (23/10/2023).

The rupiah's exchange rate is influenced by market expectations regarding the European Central Bank's (ECB) interest rate policy, which is anticipated to maintain rate at 4.5%, and the expected increase in US economic growth to 4.1% QoQ in the third quarter of 2023, up from 2.1% YoY in the second quarter of 2023.

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Editor: Fatkhul Maskur
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IDX Composite to Park at 7,000 While Fed Keeps Rate High, Analys

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