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IDX Composite maintains momentum with 0.55% gain as rupiah strengthens
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An employee takes a picture of stock movements
at the Indonesian Stock Exchange in Jakarta on July 4, 2023. The IDX Composite continued its rally on Nov. 3, 2023, by 0.55 percent or 37.46 points, closing at 6,788.85, marking a positive end to this week’s trading. (Antara/Hafidz Mubarak A)
T
he Indonesia Stock Exchange (IDX) Composite continued its rally by 0.55 percent, or 37.46 points, closing at 6,788.85, marking a positive end to this week’s trading.
This gain was underpinned by positive performances across nine key sectoral indices, with the energy sector leading the rally with a notable increase of 1.55 percent. Additionally, the technology sector gained by 1.37 percent, the infrastructure sector gained 1.3 percent, and the financial sector gained 1.17 percent.
The industrial sector also improved by 0.66 percent, while the primary consumer goods sector and the raw goods sector climbed by 0.64 percent and 0.55 percent, respectively. The property and real estate sector recorded a more modest increase of 0.41 percent, while the transportation and logistics sector closed with a 0.14 percent gain.
Two sectors ended in the negative despite the overall rise of the IDX Composite. The health sector saw a correction of 1.46 percent, and the non-primary consumer goods sector declined by 0.29 percent.
In the blue chip LQ45 index, top gainers were PT Bank Jago (ARTO) with a substantial 11.8 percent rally, PT Elang Mahkota Teknologi (EMTK) rising by 4.9 percent, and PT Adaro Energy Indonesia (ADRO) with a 4.18 percent gain.
However, the LQ45 index also saw several stocks correcting, with top losers including PT Mitra Adiperkasa (MAPI) with a 2.34 percent decline, PT Indofood Sukses Makmur (INDF), which slumped by 1.54 percent, and PT GoTo Gojek Tokopedia (GOTO) dipping by 1.41 percent.
The total volume of stock transactions for the day amounted to 25.5 billion shares, with a transaction value of Rp 9.1 trillion (US$578.87 million). Among the listed stocks, 327 gained, 217 weakened and 209 remain unchanged.
Over the course of the past week, the IDX Composite recorded a gain of 0.44 percent. However, the index is still recording a 0.9 percent correction year-to-date.
Meanwhile, the rupiah has strengthened by 0.5 percent and is now trading at Rp 15,770 per United States dollar.
According to foreign exchange analyst Revo Gilang Firdaus from CNBC Indonesia Research, the US Federal Reserve’s decision to hold interest rates has widened the yield spread between government bonds (SBN) and US Treasuries, which in turn encourages capital inflow and further strengthens the rupiah.
Concurring with Revo, Dharma Setiawan, vice president of treasury and global markets at Bank Mega, also said the Fed’s direction had influenced the rupiah’s movement.
