IHSG Outlook & Stock Picks: ADRO, ASII, EXCL, GOTO (Feb 24, 2026)

Jakarta, Indonesia – The Jakarta Composite Index (IHSG) is projected to continue its upward trajectory on Tuesday, February 24, 2026, though a potential pullback remains a possibility, according to analysis from MNC Sekuritas. The index closed higher on Monday, February 23, 2026, gaining 1.50 percent or 124 points to reach a level of 8,396, accompanied by increased trading volume and a move above the 20-day moving average.

MNC Sekuritas suggests that if the IHSG can maintain its position above 8,170, it has the potential to extend its gains, forming part of a wave (c) within a larger wave [x], potentially reaching a range of 8,440 to 8,503. However, the firm cautions investors to be aware of a potential short-term correction to the 8,257 – 8,343 range.

Support levels for today’s trading are identified between 8,170 and 8,025, while resistance zones are expected around 8,408 and 8,596. These levels will be crucial in determining the index’s direction as investors weigh macroeconomic conditions and corporate performance.

Alongside the broader market outlook, MNC Sekuritas has highlighted four specific stocks for investors to watch: PT Alamtri Resources Indonesia Tbk (ADRO), PT Astra International Tbk (ASII), PT Exelvan Buckindo Persada Tbk (EXCL), and PT GoTo Gojek Tokopedia Tbk (GOTO). Each stock receives a distinct recommendation based on its current technical positioning.

ADRO: Speculative Buy

MNC Sekuritas views ADRO, a thermal coal and mining company, as being in the midst of wave (iii) of wave [iii]. This suggests strong upward momentum. The firm issues a “Spec Buy” recommendation with a range of 2,250 – 2,300 as the entry point. A target price range of 2,440 – 2,540 is set, with a stop-loss level below 2,220 to limit potential downside risk. According to Yahoo Finance data as of February 24, 2026, ADRO was trading at 2,310.00, down 0.43% on the day.

ASII: Buy on Weakness

PT Astra International Tbk (ASII), a diversified conglomerate, is seen as currently forming wave 2 of wave (5). MNC Sekuritas recommends a “Buy on Weakness” strategy, suggesting investors accumulate shares within a range of 6,375 – 6,525. The target price is set between 6,850 and 7,150, with a stop-loss order placed below 6,175. This strategy implies a belief that any temporary dips in price will present buying opportunities.

EXCL: Buy on Weakness

PT Exelvan Buckindo Persada Tbk (EXCL) is currently positioned within wave C of wave (B), according to MNC Sekuritas. A “Buy on Weakness” recommendation is issued, advising investors to purchase shares in the 3,090 – 3,230 range. The target price is projected to be between 3,460 and 3,670, with a stop-loss level below 2,970. This suggests a potential for medium-term gains, contingent on the stock’s ability to rebound from any short-term declines.

GOTO: Buy on Weakness

PT GoTo Gojek Tokopedia Tbk (GOTO), the technology giant formed through a merger of Gojek and Tokopedia, is considered to be in the early stages of wave (iii) of wave [iii]. MNC Sekuritas recommends a “Buy on Weakness” approach, with a buying range of 60-62. The target price is set between 67 and 71, with a stop-loss order below 58. This recommendation reflects optimism about GOTO’s potential for growth, particularly if investors capitalize on any temporary price dips.

The Indonesian stock market continues to demonstrate resilience, supported by improving macroeconomic conditions. Bank DBS Indonesia projects the IHSG to reach 9,500 in 2026, based on a price-to-earnings (P/E) multiple of 15x and anticipated economic growth of 5.2%. The recommendations from MNC Sekuritas provide investors with specific opportunities to participate in this potential growth, while also emphasizing the importance of risk management through the use of stop-loss orders. Investors should carefully consider their risk tolerance and investment objectives before making any decisions.

PT Alamtri Resources Indonesia Tbk, formerly known as PT Adaro Energy Indonesia Tbk, engages in coal and mining business in Indonesia, operating through segments including Coal Mining and Trading, Mining Services, Logistics, and Others. The company exports its products to China, India, Korea, and Singapore.