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View all search resultsAnalysts cautiously upbeat on IDX for rest of year
The Indonesia Stock Exchange (IDX) Composite index is expected to continue its upward trajectory after a recent recovery from bearish weeks, unless escalating geopolitical tension or domestic-interest-rate hikes get in the way.
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A smartphone user looks at stock-price movements displayed on the device in Jakarta on Feb. 24. The Indonesia Stock Exchange (IDX) Composite index recently reclaimed the level of 7,000 points and has performed well so far this year compared to indices from other countries. (Antara/M Risyal Hidayat)
The Indonesia Stock Exchange (IDX) Composite index is expected to continue its upward trajectory after a recent recovery from bearish weeks, unless escalating geopolitical tension or domestic-interest-rate hikes get in the way.
Analysts told The Jakarta Post on Friday that Indonesia’s benchmark stock-market index could hover between 7,320 and 7,380 at the end of this year, assuming indicators remained supportive for the rest of the year.
Stocks of companies engaged in commodities and banking generally appear to be worth holding even after recent gains, with the addition of some firms in telecommunications and consumer goods, according to the analysts.
William Hartanto, founder of WH Project, a website that provides stock-price projections and analysis, said it was plausible for the index to reach the abovementioned level, as investors had already priced in the prospect of recession in some countries, although concern about the ongoing war in Ukraine was likely to persist and possibly trigger panic selling, depending on the course of the war.
William also contended that Indonesian stocks had reached oversold territory, meaning investors would be more likely to open buying positions, which should strengthen the index for the rest of the year.
“Most publicly listed companies experienced a turnaround in their performance this year. There is less likely to be negative sentiment on the domestic side,” William said on Friday.
