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The Jakarta Composite Index (IHSG) on the Indonesia Stock Exchange closed up 133.22 points (2.31%) at 5,907.94 on Wednesday (May 9th). The rise in prices of blue-chip stocks such as PT Unilever Indonesia Tbk (Rp 2,400/share), PT Gudang Garam Tbk (Rp 2,200), PT Indocement Tbk (Rp 1,025), and PT Bank Central Asia Tbk (Rp 875) fueled the IHSG's rebound to the 5,900 level.
The weakening Rupiah, triggering foreign investor outflow from the Jakarta Stock Exchange, caused blue-chip stock prices to plummet, pushing the IHSG below the 6,000 level since May 3, 2018. On May 9th, foreign investors recorded a net sell-off of Rp 329 billion, marking the 13th consecutive day of net selling since April 20th.
Based on the 14-day Relative Strength Index (RSI) technical indicator, the IHSG is at a relatively low position with an RSI of 39.89 on a scale of 0-100. An index below 30 indicates oversold conditions, while an index above 70 suggests overbought conditions. The index is expected to move within the range of 5,777-6,048.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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