DIGIVESTASI - The Jakarta Composite Index (IHSG) is projected to fluctuate within a resistance range of 7,600, a pivot level of 7,550, and a support level of 7,500 during the trading week of August 26–30, 2024. According to Phintraco Sekuritas' research team, this week’s IHSG movement will be influenced by the intensifying political situation, particularly concerning the registration of regional head candidates for the 2024 Regional Elections (Pilkada).

At the close of trading last week, on Friday, August 23, 2024, the IHSG strengthened by 0.74%, rising 55.62 points to a level of 7,544.29. Meanwhile, Wall Street indices recorded gains of over 1% by the end of the week, buoyed by strong signals of an interest rate cut from Federal Reserve Chairman Jerome Powell in his speech at the Jackson Hole Symposium. This rally was also supported by improved economic data, such as a 10.6% increase in new home sales in July 2024, suggesting that the market is anticipating rate cuts before making further spending decisions.

Major indices in Europe also recorded significant gains at the end of last week. On the economic data front, market participants are looking forward to several key reports, including U.S. Durable Goods Orders, U.S. and German economic growth for Q2 2024, as well as German Consumer Confidence and Inflation.

"In addition to external factors, domestic political developments are also expected to influence IHSG movements," Phintraco Sekuritas stated in its research note on Sunday, August 25, 2024. As widely known, the registration of regional head candidates with the General Elections Commission (KPU) is scheduled for this week, August 27–29, 2024, with the Pilkada planned for late November 2024, a month after the inauguration of the president and vice president.

Phintraco Sekuritas also highlighted several stocks to watch in the coming week, including PT Perusahaan Gas Negara (PGAS), PT Astra Agro Lestari Tbk. (AALI), PT PP (Persero) Tbk. (PTPP), PT Astra Otoparts Tbk. (AUTO), PT Vale Indonesia Tbk. (INCO), and PT Harum Energy Tbk. (HRUM).

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