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IHSG ends on a high note at 6,834.38 amid global market volatility
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An employee takes a picture of stock movements
at the Indonesian Stock Exchange in Jakarta on Tuesday, July 4, 2023. The Indonesian Composite Index (IHSG) closed at 6,834.388 on Wednesday. Some 290 stocks gained and 260 lost, with Rp 9.5 trillion (US$598.6 million) traded. (Antara/Hafidz Mubarak A)
T
he Indonesian Composite Index (IHSG) concluded Wednesday's stock trading session on a positive note, closing at 6,834.388, adding 0.41 percent or 27,626 points.
Market dynamics were marked by 290 stocks strengthening, 260 stocks weakening and 207 stocks remaining stable. A total of Rp 9.5 trillion (US$598.6 million) was exchanged through 18.4 billion shares traded.
Among the sectoral indices, six out of 11 faced declines, with the technology sector being the most affected, down by 1.8 percent.
While the registration of Prabowo Subianto and Gibran Rakabuming Raka as presidential and vice-presidential candidates with the General Elections Commission (KPU) had an impact on the market, experts believe it was not the primary catalyst for its recent performance.
"We feel that the correlation between the movement of the IHSG and the registration of the presidential and vice-presidential candidates is not that significant, in the sense that this sentiment does not affect the movement of the IHSG significantly," said Herditya Wicaksana, a technical analyst at MNC Sekuritas.
He pointed out that the IHSG tends to strengthen during political years. Global sentiment is also playing a substantial role in guiding the index's movement. Geopolitical conflicts in the Middle East, the vigilance of investors regarding the United States economy, the Federal Reserve's interest rate policy and the rupiah's exchange rate against the US dollar are all factors impacting the IHSG's trajectory.
Overseas, Asian stock markets displayed mixed performances. Japan's Nikkei 225 gained 0.67 percent, the Hang Seng Composite index in Hong Kong recorded a 0.55 percent increase, while South Korea's Kospi index saw a 0.85 percent loss.
Major European stock indexes generally declined. The FTSE 100 index in the United Kingdom reported a slight 0.09 percent decline, Germany's DAX index dipped by 0.18 percent, and the CAC 40 index in France experienced a 0.29 percent decrease.
