Jakarta,- The Composite Stock Price Index (IHSG) plummeted, falling below the 7,000 level despite the actions of the United States central bank, The Federal Reserve or The Fed.
Based on Refinitiv data, the IHSG was at 6,991.84 in the first trading session on Thursday (19/12/2024), down 1.63% from the previous closing position.
Several analysts have also explained why the Indonesian stock market has experienced a drastic decline up to today. If the negative performance continues, the JCI will record a decline for six consecutive days.
Senior BCA Economist Barra Kukuh Mamia explained that one of the factors causing the JCI to plummet was the outcome of the hawkish Fed meeting.
“It seems that the FOMC’s results yesterday, even though there was a cut, were considered hawkish.”So the market’s posture is very risk-off, looking for safety, buying USD, and yields are rising,” said Kukuh to CNBC Indonesia, Thursday (12/19/2024).
Kukuh also revealed that the IDX Composite Index at the end of the year is unlikely to differ much from its current position.
Meanwhile, the Head of Equity Trading at Mitra Andalan Sekuritas (Mitra Pemasaran Mandiri Sekuritas), Arwendy Rinaldi Moechtar, revealed that the IHSG will struggle to reach the 7,500 level by the end of the year.
Possibility of failing to reach the 7500 – 8000 area. If I see the possibility, the IHSG will be tested at the support area of 7000. even if it rises with fewer trading days, the possibility of reaching 7,500,” said Arwendy to CNBC Indonesia, Thursday (19/12/2024).
“(IHSG) 7,500 also seems difficult,” concluded Arwendy.
Arwendy assesses that the Indonesian stock market is shrouded in investor pessimism, as evidenced by the significant outflow of foreign funds.
Foreign funds are flowing out. Government policies such as taxes and others are increasingly burdening the situation,” said Arwendy.
Senior Investment Information Analyst at Mirae, Nafan Aji Gusta, said that the IHSG could reach around 7,500 as a resistance level with support at 6,895 to 6,655.
“If the IHSG breaks below 6,895, then there is an estimated wave C support at 6,655.”Otherwise, the IHSG could return to major resistance levels between 7325 and 7531 if positive sentiment becomes strong again,” said Nafan to CNBC Indonesia, Thursday (19/12/2024).
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