IHSG Will Move at Level 6,695, Check Stok Recommendations

Jakarta – Ajaib Sekuritas predicts that the composite stock price index (IHSG) will move mixed in the range of 6,625 to 6,695 today (27/6).

“On Monday (26/6) IHSG closed higher by 0.38% or 24.9 points at 6,664. IHSG today is predicted to move mixed in the range of 6,625-6,695,” said Financial Expert Ajaib Sekuritas, Ratih Mustikoningsih, in IHSG Daily Analysis in Jakarta, June 27, 2023.

Ratih explained, sentiment from within the country came from Bank Indonesia (BI) which noted that economic liquidity or broad money (M2) reached IDR 8,332.3 trillion in May 2023, the M2 position grew 6.1% yoy, higher than the previous month of 5.6% yoy.

“This performance was driven by the growth of quasi money and the narrow money supply component (M1), which grew 9.9% yoy and 3.4% yoy respectively,” he added.

Then, the main factor in the development of M2 in May 2023 was influenced by the increase in lending which was recorded to grow by 9.4% yoy, up compared to April 2023 which grew by 8.1% yoy.

Meanwhile, from abroad, the preliminary calculation of HCOB Manufacturing PMI data in the European Region in June 2023 fell 1.2 points from the previous month to 43.6, below the market forecast of 44.8, reflecting contraction for eleven consecutive months and the sharpest in the last three years due to the impact of soaring lending rates in Europe.

Meanwhile, from Asia, Japan’s index of leading economic indicators, which includes various data, such as factory output, employment, and retail sales, was revised lower to 97.3 in April 2023 from the previous month’s 99.4.

Thus, investors are also paying close attention to the momentum of sustained economic recovery by the Japanese Government, which recently downgraded the Covid classification to be equivalent to seasonal flu.

Meanwhile, Ajaib Sekuritas recommends several stocks for today’s trading, including ARTO, PTMP, and MYOR.

ARTO
Buy: 3220
TP: 3320
Stop loss: <3140

Technically ARTO in a short-term strengthening trend formed a long body candle pattern in the last trade and was able to breakout the average movement (5,20,50) day. This is also reflected in the significant increase in volume.

The decline in inflation is expected to be a trigger for lower interest rates at least starting from the first quarter of 2024. This anticipation will have a positive impact on the shares of issuers that are affected by interest rate fluctuations, in this case Banking issuers.

PTMP
Spec Buy/Hold: 103
TP: 107
Stop loss: <100

Technically, PTMP is in a bullish engulfing candle formation structure, trying to test the 20-day average movement followed by strengthening in terms of volume and MACD histogram in a positive area.

Packaging and spare parts issuer, PT Mitra Pack Tbk (PTMP) is targeting revenue growth of 15-20% by 2023. Revenue growth is also expected to boost net profit by 15%. In the first quarter of 2023, PTMP posted revenue of IDR 32.7 billion, down 4.3% yoy from IDR 34.17 billion in the first quarter of 2022. However, the company managed to reduce expenses to IDR 21.36 billion from the previous IDR 23.42 billion. PTMP’s profit also increased 43.21% to IDR 2.92 billion from IDR 2.04 billion previously.

MYOR
Spec. Buy/Hold: 2600
TP: 2680
Stop loss: <2550

MYOR’s movement structure formed a doji candle on the last movement, staying within the major sideways trend and has the potential to retest the psychological resistance in line with the increase in volume and oscillator in the oversold area.

Wheat prices are on a downward trend, impacted by Russia-Ukraine tensions easing due to the escalation of Wagner rebellion in the next few days. Russia-Ukraine is a major wheat producer (15%) of world wheat supply. This condition will be positive for processed food issuers, especially MYOR.

Editor: Galih Pratama