Research

IHSG: Take Profit From Santa Rally

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Algo Research Team

Market | Dec 04, 2023 | Views: 102

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Key Summary:

  • Market is trading around supply-zone
  • Pause in lower bond yield, a Fed cut is not necessarily good
  • Benchmark play: Sell Inclusion, Buy Exclusion

At the beginning of November, we made the right call for a tactical entry trade (read here) as the market was nearing its support level while the Fed's dovish outlook prompted more risk-on for equity and bonds, alleviating selling pressure. Subsequently, IHSG was up +4.87% for the month, marking the best November gain since the pandemic.


It was a colorful surge led by BREN on "conglomerate effect", GOTO on potential M&A with TikTok and AMMN on MSCI inclusion. Nevertheless, we did see an increase across the board as large caps like BBRI, TLKM and BBNI were higher as well from institutional flows. Last month, we wrote about property (read here) which returned +6% and +15% in November for BSDE and SMRA, respectively, and now we close these positions.

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