The Composite Stock Price INDEX (IHSG) closed up 0.30% (up 22 points) in a week to 7,350 at the end of trading Friday, March 22 2024. Indo Premier Sekuritas (Ipot) Community Lead Angga Septianus explained that the strengthening of the IHSG was supported by the health sector (+ 2.98%) and raw materials (+1.82%) were the top gainers, but were still held hostage by technology (-0.73%) and infrastructure (-0.01%) which were the top losers.
Last week there were a number of sentiments that influenced the JCI rate, namely the United States (US) interest rate which remained at the level of 5.25%-5.50% and the Indonesian interest rate remained at the level of 6.00%. The next sentiment was that the Central Bank of Japan (Bank of Japan/BoJ) raised interest rates from -0.1% to 0-0.1% due to inflation. “Unfortunately the market has no response, the yen is falling. If interest rates should rise, demand for currency will rise and there is capital inflow and the bond market is strong. In fact in Japan the risk free rate (0.1%) is not yet above inflation,” he stressed in a written statement , Monday (25/3).
The next sentiment is related to oil prices which have risen once more following several Ukrainian drone attacks on Russian energy facilities. Iraq and Saudi Arabia’s exports are declining and China’s economy is starting to improve and there are signs of improving demand.
Talking regarding the market prospects this week which will only last for 4 trading days (25-28 March) because there is a Good Friday holiday (Death of Jesus Christ) on Friday, 29 March 2024, Angga appealed to traders to pay attention to a number of sentiments starting from US GDP Growth Rate QoQ Prev 4.9% Cons 3.2%. He emphasized that the numbers were below expectations, which was good. This means that interest rates might be reduced more quickly to support the economy.
The next sentiment is Core PCE Price Index MoM Prev 0.4% Cons 0.3%. This main data is used by the Fed to measure inflation. If it increases compared to the previous period, it might be said to be serious. Sentiments that also need to be paid attention to this week are personal income and personal spending which will describe the condition of the US economy. If income rises and spending rises, this is not the same as a downturn. However, if income falls and spending falls, this means that a downturn will soon occur and interest rates will fall.
Based on the economic data and sentiment above, the party is committed to educating the public to start learning regarding investing without registering with Ipot and continuing to update rumors regarding potential shares. He recommends three stocks for trading this week until Thursday, March 28 2024, namely buy on pullback BBTN (support: 1,485, resistance: 1,800), buy on pullback ESSA (support: 590, resistance: 700), and buy BDMN (support : 2,970, resistance: 3,250). (Z-2)
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