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IDX Composite hits 7,013.41 on improved sentiment
The IDX Composite rose 0.05 percent to close at 7,013.41 on Monday, driven by global optimism and increased foreign investment.
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An employee takes a photo of a screen showing of stock movements at the Indonesian Stock Exchange (IDX) in Jakarta on July 4, 2023. The IDX Composite rose 0.05 percent to close at 7,013.41 on Monday, driven by global optimism and increased foreign investment. (Antara/Hafidz Mubarak A)
T
he Indonesia Stock Exchange (IDX) Composite (IHSG) maintained its positive momentum on Monday, inching up by 0.05 percent or 3.77 points to close at 7,013.41.
The total transaction volume for the day reached 19 billion shares, amounting to Rp 9.2 trillion (US$588.8 million). According to market data, 271 stocks grew, 248 stocks fell and 247 stocks traded relatively flat.
Six sectoral indexes mirrored the composite index's positive trend. The raw goods sector led with a 1.32 percent surge, followed by property and real estate with a 1.11 percent rise and energy with a 0.61 percent gain. The non-primary consumer goods sector also rose by 0.24 percent, while the health and financial sectors saw smaller gains of 0.09 percent and 0.07 percent, respectively.
In contrast, five sectors saw declines. The technology sector led with a 5.27 percent decline, while the infrastructure sector slid by 0.76 percent. The transportation and logistics sector also dropped by 0.64 percent. Meanwhile, industrial and primary consumer goods dipped by 0.30 percent and 0.20 percent, respectively.
The LQ45 index saw a minor dip of 0.08 percent to 924.127. PT Surya Citra Media (SCMA) led the gains after its shares jumped by 5.92 percent. PT Saratoga Investama Sedaya (SRTG) and PT Indofood CBP Sukses Makmur (ICBP) followed suit by 3.15 percent and 2.16 percent, respectively.
On the other hand, PT Barito Pacific (BRPT) led the losses with a 4.06 percent decline, followed by PT Bukalapak.com (BUKA) and PT Ace Hardware Indonesia (ACES) with 2.86 percent and 1.84 percent dips, respectively.
The positive momentum at the start of the week was attributed to improving global market sentiment and increased capital inflows to the domestic financial market, supporting Indonesia's benchmark stock exchange index.
Global optimism stemmed partly from the moderation of United States inflation in October to 3.2 percent year-on-year, beating initial projections of 3.3 percent. The CME Fedwatch Tool indicated that 47.3 percent of market participants anticipated the US central bank would cut its interest rate by May 2024.
Investors also embraced Bank Indonesia's decision to maintain its benchmark interest rate. Foreign investors continued to show confidence in Indonesia, recording a net capital inflow of Rp 7.03 trillion from Nov. 20 to 23.
