Phintraco Sekuritas Sees IHSG Testing 6,650–6,680, Banking Stocks Lead the Rally

Jakarta – Phintraco Sekuritas forecasts that the Indonesia Stock Exchange Composite Index (IHSG) will test the 6,650–6,680 range on Thursday (April 24, 2025), with resistance at 6,700, a pivot point at 6,650, and support at 6,600.

In its latest research note, Phintraco recommends investors consider five selected stocks for potential gains, highlighting BBCA as a top pick.

The continued strength in the IHSG on Wednesday (April 23) was driven by gains in banking shares, fueled by two key catalysts. First, expectations of reinvestment from cash dividends distributed by BBRI and BMRI on April 23. Second, positive earnings expectations for Q1 2025 from major banks.

BBCA was the first to report its quarterly performance, posting a 9.8% year-on-year increase in net profit to Rp14.1 trillion. This growth was supported by 12.6% annual loan expansion, while maintaining healthy asset quality (NPL at 2%).

BBRI and BMRI are expected to release their Q1 financials later this week. Analysts believe that large-cap banks will maintain solid performance despite concerns over rising NPLs driven by currency depreciation.

Phintraco predicts that banking stocks will remain key drivers of the index today, though the gains may be more modest than those seen on Wednesday. The firm recommends BBCA, BBNI, AMRT, ACES, and CPIN.