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View all search resultsIDX Composite index closes above 6,700 for first time ever
Indonesian stocks have made strong gains lately, with Telkomsel’s much-anticipated IPO on Monday helping the index reach a new all-time high on Friday.
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An employee cleans the Indonesia Stock Exchange (IDX) logo at the bourse's building in Jakarta on March 2, 2020. Indonesian stocks have made strong gains lately, helping the IDX Composite index reach a new all-time high on Friday. (Antara/Galih Pradipta)
I
n an impressive catch-up with other stock markets, the Indonesia Stock Exchange’s IDX Composite index has made strong gains lately, closing above 6,700 points for the first time ever on Friday.
With a year-to-date (ytd) rise of 10 percent, the index remains an underperformer when compared with Western indices like the S&P 500 and Dow Jones Industrial Average in the United States or the DAX in Germany, which have made ytd gains of around 27 percent, 19 percent and 18 percent, respectively.
But the last half year has seen the IDX Composite add 16 percent, handily beating Western stock markets. Analysts told The Jakarta Post in early September that they regarded Indonesia’s equity market as relatively safe from a bubble as the country lagged behind in its economic recovery.
Read also: No equity 'bubble' in Indonesia, for now
The index rose 1.26 percent on Friday to close the week at 6,720.26 points.
State-owned PT Telekomunikasi Indonesia (Telkom), which is listed on the IDX under the ticker symbol TLKM, pushed up the market with a hefty gain of 7.44 percent to Rp 3,900 (27 US cents) ahead of Monday’s initial public offering (IPO) of its subsidiary PT Dayamitra Telekomunikasi (Mitratel). Index heavyweight Bank Rakyat Indonesia (ticker symbol BBRI) rose 2.39 percent to Rp 4,280.
Analysts at financial services group Nomura Holdings issued a favorable assessment of Indonesia’s stock market last month, which they contrasted with a difficult global economic environment.
