The Composite Stock Price Index is forecast to rise at the start of this week. MNC Securities analyst Herditya Wicaksana said that technically the IHSG strengthened by 2.78 per cent over the weekly range with an increase in buying volume.
Based on technical analysis, the IHSG's current position is at the beginning of wave v of wave (c) of wave [iv], opening the opportunity for the index to continue its upward movement. Herditya estimates the IHSG has the potential to test the 6,440-6,544 level, but notes potential reversal in the short term to the 6,371-6,390 range. MNC Securities targets IHSG support in the 6,319-6,201 range, while the resistance level is estimated in the 6,454-6,599 range.
MNC Securities recommends a buy on weakness strategy for PT Bumi Resources Tbk (BUMI) shares in the Rp 175-Rp 184 range with a price target of Rp 194-Rp 210 and stoploss below Rp 166. PT Saratoga Investama Sedaya Tbk (SRTG) shares are also recommended with buy on weakness in the Rp 1,785-Rp 1,810 area with a price target of Rp 1,855-Rp 1,965 and stoploss below Rp 1,755.
Phintraco Securities noted that Wall Street indices closed higher on Friday's trading and on a weekly basis, driven by US employment data that came in lower than expected. Non-farm payrolls recorded a reduction of 23,000 jobs in July 2026, following a downward revision of the 20,000 job additions in June 2026. Expectations have declined that the US central bank will need to raise interest rates in the near term.
Phintraco recommends shares of PT Telkom Indonesia (Persero) Tbk (TLKM), PT XLSMART Telecom Sejahtera Tbk (EXCL), PT Aneka Tambang Tbk (ANTM), PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), and PT Chandra Asri Pacific Tbk (TPIA). Phintraco added that declining prospects for a Fed rate increase, strengthening gold prices, and correction in oil prices will be positive catalysts for IHSG movement.
