JAKARTA – Jakarta Composite Index (IHSG) is expected to move sideways in trading on Friday (23/5), following gains over the past two days.

Ratna Lim, an analyst at Phintraco Sekuritas, stated that the IHSG has maintained its position above the 200-day Moving Average (MA). However, the MACD histogram tends to move sideways.

“Therefore, we expect the IHSG to consolidate within the 7,100–7,200 range on Friday (23/5),” Lim noted in her research briefing.

Ratna also highlighted the shift in global investor portfolios as part of a diversification strategy away from assets denominated in US dollars. One such move includes investing in emerging markets such as Indonesia.

“This can be seen from signs of foreign investor buying accumulation in recent days, which has helped sustain the IHSG’s strength,” Lim explained.

A similar view was expressed by analysts at Samuel Sekuritas, who said the IHSG would likely trade in a narrow range, “considering the mixed sentiment from regional and global markets.”

Meanwhile, analysts at BRI Danareksa Sekuritas noted that the IHSG has the potential to test the resistance area at 7,203, continuing the 0.34% gain seen in Thursday’s (22/5) session.

“However, with a doji candle pattern in the last trading session, caution is warranted over the potential for limited weakness down to the nearest support level at 7,077,” wrote analysts at BRI Danareksa Sekuritas. (KR/ZH)