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IHSG recoups some losses to gain 0.96% on Tuesday
The IHSG closed higher on Tuesday, after initial projections that the stock index would fluctuate as the market went into a “wait and see” mode.
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A woman takes a picture of stock movements on July 4, 2023 at the Indonesia Stock Exchange in Jakarta. The IDX Composite (IHSG) closed higher on Tuesday at 6,806.76, adding 64.80 points or 0.96 percent. (Antara/Hafidz Mubarak A)
T
he Indonesia Stock Exchange Composite (IHSG) closed higher on Tuesday, with analysts’ initial projection expecting it to fluctuate throughout the trading session.
The IHSG ended the session at 6,806.76, up 64.80 points or 0.96 percent, after opening the session on Tuesday morning at 6,750.59. Transportation, real estate and health were the session’s leading sectors.
On Monday, the index posted a 1.57 percent decline and closed at 6.741,96.
After the market opened stronger on Tuesday, analysts predicted that the stock market would fluctuate as investors observed developments in national politics and the global economy.
“We notice that investors are not only waiting for the next campaign steps from the presidential and vice presidential candidates. They are also watching for potential surprises as an effect of the candidate registration period until Oct. 25,” said a research team from Lotus Andalan Sekuritas.
The rupiah weakened recently due to pressure from a stronger United States dollar, and the Finance Ministry asserted that it would roll out intervention measures if the currency continued its declining trend.
The Financial System Stability Committee (KSSK) also plans to release a policy package to respond to the recent economic situation.
The issues unfolding in the Middle East have also become a concern. Investors are looking at developments in the ongoing conflict between Israel and Hamas, as higher tensions in the region, an oil hub, could affect the Indonesian economy.
Other benchmark indexes in Asia showed mixed performance on Tuesday. Japan’s Nikkei 225 ended the session at 31,062.35, gaining 0.20 percent, while Hong Kong’s Hang Seng lost 1.05 percent to close at 16,991.53, and South Korea’s Kospi gained 1.12 percent to close at 2,383.51.
