BRI Danareksa Predicts Further IHSG Correction, Highlights Three Stocks to Watch
JAKARTA, investortrust.id – The Indonesia Stock Exchange (IDX) Composite Index (IHSG) is expected to extend its correction on Friday, Jan. 31, 2025 after breaking below the 20-day moving average support level at 7,111. Investors are advised to remain cautious, especially if the index drops further below its key support at 6,931.
Market Outlook and Key Support Levels
In a research note published today, BRI Danareksa Sekuritas stated that IHSG had resumed its decline after being rejected at the 60-day moving average (MA60) resistance and breaching MA20 support. If the index falls below 6,931, further downside toward 7,000 could be possible.
The index’s movement will also be influenced by global stock markets, particularly Wall Street, which closed higher overnight. The Dow Jones Industrial Average gained 0.38%, the S&P 500 rose 0.53%, and the Nasdaq Composite added 0.25%.
Stock Picks Amid Market Weakness
Despite the market downturn, investors can still capitalize on select stocks. BRI Danareksa recommends the following:
| Stock | Recommendation | Target Price (IDR) |
| EMTK | Buy | 630 – 690 |
| MIKA | Buy | 2.540 – 2.620 |
| SCMA | Buy | 186 – 199 |
| HEAL | Sell | - |
Foreign Selling Pressure Weighs on IHSG
On Thursday (Jan. 30, 2025), IHSG plunged 92.58 points (-1.29%) to 7,073.48, driven by foreign net selling of IDR 397.69 billion ($25 million). The top three stocks with the largest foreign outflows were:
- PT Bank Central Asia Tbk (BBCA): IDR 386.93 billion net sell
- PT Bank Rakyat Indonesia Tbk (BBRI): IDR 114.39 billion net sell
- PT Astra International Tbk (ASII): IDR 49.01 billion net sell
The decline was largely driven by corrections in top 10 market cap stocks, with sectoral losses led by:
| Sector | Decline (%) |
| Basic Materials | -2.55% |
| Property | -1.61% |
| Infrastructure | -1.32% |
| Industrials | -1.23% |
| Financials | -0.46% |
| Energy | -0.31% |
Conversely, consumer discretionary (+0.12%) and technology (+1.06%) stocks managed to post gains.
Five Stocks Defying the Market Slump
While the broader market tumbled, five stocks hit their upper trading limit (auto reject atas or ARA):
| Stock | Price (IDR) | Gain (%) |
| PT Sinergi Inti Andalan Prima Tbk (INET) | 108 | +35.00% |
| PT Solusi Sinergi Digital Tbk (WIFI) | 1.225 | +25.00% |
| PT Lion Metal Works Tbk (LION) | 825 | +25.00% |
| PT Era Media Sejahtera Tbk (DOOH) | 145 | +34.26% |
| PT Bank Nationalnobu Tbk (NOBU) | 730 | +24.79% |
Despite short-term volatility, analysts suggest closely monitoring key support levels and foreign fund flows for potential trading opportunities.