Research

IHSG: Seasonally Weak 2Q, Sell Banks & Buy Gold

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Algo Research Team

Market | Apr 01, 2024 | Views: 2070

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Key Summary:

  • 2Q seasonality tend to be weak
  • Banks outflows, earnings could miss
  • Gold momentum likely to continue

Our contrarian neutral to bearish view for IHSG in 2024 is starting to get noticed by the market after pushback from investors & traders in the last few months. IHSG closed -1.2% on the first day of April, marking the start of a seasonally weak 2Q and technically breakdown the trendline.


We remain risk-off, with exit level at 7,200-7,300 and entry level at 6,900-7,000. Our view stems from: unattractive macro in Indonesia, accelerating inflation, decelerating momentum, unfavorable government policy and depreciating IDR.

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