IHSG Opens Lower at 6,065.63, Analyst: Still Volatile
The Jakarta Composite Index (IHSG) on the Indonesia Stock Exchange (BEI) opened weaker on Friday morning, down 29.31 points or 0.48 percent to 6,065.63. The 45-share benchmark, Indeks LQ45, fell 2.42 points or 0.39 percent to 613.98.
Market sentiment is expected to remain influenced by moves in the rupiah, foreign capital flows, developments in the United States–Iran geopolitical conflict, and the market’s response to domestic economic policies. “If the rupiah weakens again and foreign selling pressure persists, the IHSG could test the 6,000 support area,” Hendra said, as quoted by Antara.
Hendra explained that after a deep correction in recent days, the potential for a short-term technical rebound on the IHSG is beginning to open, especially if bargain hunting emerges for big-cap stocks that have been oversold.
In the short term, traders should focus on defensive stocks and issuers with strong fundamentals that are relatively resilient to external pressures, according to Hendra.
Technically, Hendra noted that the IHSG is still in a strong bearish trend and has not shown solid signs of reversal. The sharp fall through the key supports of 6,200 and 6,100 indicates selling pressure remains very high. The 6,000 level is a psychologically important support.
“If this level is breached, the IHSG could continue weakening towards the 5,880–5,900 area as the next support,” he said.
Meanwhile, near-term resistance sits around 6,120 to 6,250. The IHSG would gain a more convincing technical rebound only if it can stay above 6,200 with higher buying volumes.
“For now, however, the index’s movement remains in a phase of panic selling and high volatility, so investors need to be more selective and disciplined in risk management,” Hendra added.
On Thursday’s trading, European stock markets moved variably. Euro Stoxx 50 fell 0.20 percent, the UK’s FTSE 100 rose 0.11 percent, Germany’s DAX declined 0.53 percent, and France’s CAC 40 fell 0.39 percent.
In the United States, Wall Street rose on Thursday, with the Dow Jones Industrial Average up 0.55 percent, the S&P 500 up 0.17 percent, and the Nasdaq Composite up 0.20 percent.
Regional Asian stock indexes this morning showed Nikkei up 1,445.86 points or 2.34 percent to 63,130.00, Shanghai up 4.9 points or 0.12 percent to 4,082.18, Hang Seng up 174.48 points or 0.69 percent to 25,561, and the Straits Times up 8.57 points or 0.17 percent to 5,054.28.
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