Business · Markets · 3 hrs ago
Indonesia’s Jakarta Composite Index Seen at Risk of Further Declines
Indonesia’s Jakarta Composite Index, known as the IHSG, fell 2.59% to 5,936 at Monday’s close.
The index tracks shares traded on the Indonesian stock market.
Analysts expect it could fall further in Tuesday’s trading.
One analyst put a possible correction range at 5,850 to 5,911, while another said the index was nearing a correction target of 5,850.
That analyst said a rebound could follow if the index reaches that level.
The forecasts are short-term market expectations, and the index’s next move is uncertain.
The Jakarta Composite Index (IHSG) was forecast to remain at risk of declines on Tuesday, October 13.
Technical analyst Herditya Wicaksana said the index could fall to between 5,850 and 5,911.
Analyst Ivan Rosanova said the index was nearing a correction target of 5,850 and could rebound after reaching that support.
The index closed at 5,936 on Monday, down 157.61 points, or 2.59 percent.
- Who
- IHSG, Indonesia’s benchmark stock index; analysts Herditya Wicaksana and Ivan Rosanova gave forecasts.
- What
- The index was forecast to face further declines, with a possible rebound after reaching 5,850.
- When
- The outlook was for trading on Tuesday, October 13, after the index closed on Monday, October 12.
- Where
- Indonesia.
- Why
- Herditya said the index remained vulnerable to a short-term correction; Rosanova said it was nearing a correction target and could recover after reaching support.
Herditya Wicaksana
Ivan Rosanova
Near-term direction
Herditya Wicaksana
The index remains vulnerable to further correction.
Ivan Rosanova
The index could rebound after reaching the 5,850 support level.
Expected level
Herditya Wicaksana
The index could continue its correction to 5,850–5,911.
Ivan Rosanova
The index is approaching a correction target of 5,850, after which a short-term recovery may begin.
The IHSG closed at 5,936, down 157.61 points, or 2.59 percent.
Analysts forecast further correction, with a possible rebound after the index reached the 5,850 support level.
- Monday close
- 5,936
- Daily decline
- 157.61 points, or 2.59 percent
- Herditya’s projected correction range
- 5,850–5,911
- Rosanova’s correction target
- 5,850
- Trading value
- Rp13.66 trillion
What people are saying
The position of the IHSG is estimated to be in wave v of wave c of wave [y] on the black label, so it has the potential to continue correcting to the 5,850–5,911 range.
After touching the 5,850 level, the IHSG is expected to have the opportunity to rebound and begin a short-term recovery phase.
Sources
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