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IDX Composite gains 0.02% after Indonesia’s economic growth announcement
The IDX Composite kicked off the new week with a slight 0.02 percent uptick on Monday, buoyed by Indonesia’s strong economic performance in the early months of 2024.
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A woman walks past a large screen displaying stock indices at the Indonesia Stock Exchange (IDX) in Jakarta on March 14, 2024. The IDX Composite kicked off the new week with a slight 0.02 percent uptick on May 6, 2024. (AFP/Bay Ismoyo)
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he Indonesia Stock Exchange (IDX) Composite index ended Monday’s session slightly higher at 7,135.89. This reflected a slight gain of 0.02 percent or 1.17 points from Friday’s closing.
The gain was underpinned by the release of Indonesia's first-quarter economic growth data for 2024.
Leading the sectors, property and real estate provided the most substantial lift to the IDX composite, posting a 2.56 percent increase.
The technology sector also witnessed growth of 1.49 percent, while both basic materials and transportation and logistics sectors rose by 1.28 percent.
However, the industrial sector experienced the most significant drop at 1.76 percent. The infrastructure and healthcare sectors also saw declines of 0.09 percent and 0.03 percent, respectively.
PT Pertamina Geothermal Energy (PGEO) emerged as the top performer, registering a 9.88 percent jump. PT Bank Syariah Indonesia (BRIS) and PT Charoen Pokphand Indonesia (CPIN) also saw their shares rise by 6.08 percent and 6 percent, respectively.
Conversely, PT United Tractors (UNTR) faced the steepest decline, with its shares retracting by 6.47 percent. Share values of PT Telkom Indonesia (TLKM) and PT XL Axiata (EXCL) receded by 3.48 percent and 2.82 percent, respectively.
The exchange's total transaction volume hit 21.37 billion shares, with a transaction value of Rp 11.65 trillion (US$726.61 million). The market closed with 309 stocks advancing, 261 declining and 209 remaining steady.
Pilarmas Investindo Securities analysts pointed to positive external and domestic sentiments as the drivers behind the Composite's resilience.
For example, Asian markets strengthened after a disappointing United States employment report. The Composite's growth was also supported by Indonesia’s Q1 economic growth, which reached 5.11 percent year-on-year, exceeding the forecast 5 percent.
Meanwhile, Yugen Bersinar Securities chief executive officer William Surya Wijaya commented that the IDX composite’s movement through the shortened trading week remained in a normal consolidation phase.
He highlighted that the release of corporate earnings and the dividend distribution period continued to support the index’s movement.
“The influence of the rupiah’s fluctuation and several global sentiments will shadow the IDX Composite’s movement for some time to come,” William said on Monday, as reported by Bisnis.com.
As the index is still on an uptrend in the long run, William advised that correction moments could be used by investors for accumulating purchases, especially in fundamentally strong stocks.
