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IDX Composite gains 0.10% after OPEC+ decides to cut oil production
The IDX Composite rose 0.10 percent to close at 7,100.85 on Tuesday following the OPEC+ nations’ agreement to voluntarily cut oil production.
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An employee takes a photo of a screen showing stock movements on July 4, 2023, at the Indonesian Stock Exchange (IDX) in Jakarta. The IDX Composite rose 0.10 percent to close at 7,100.85 on Tuesday, following the OPEC+ nations’ agreement to voluntarily cut oil production. (Antara/Hafidz Mubarak A)
T
he Indonesia Stock Exchange (IDX) Composite (IHSG) experienced a marginal uptick on Tuesday, rising by 7.25 points, or 0.10 percent, to 7,100.85 at closing.
The total volume of stock trading on the exchange for the day reached 36.29 billion shares, valued at Rp13.05 trillion (US$842.67 million). Of the traded stocks, 223 saw gains, 316 declined and 226 remained stagnant.
Six sectoral indexes contributed to the IHSG's positive performance, while four others ended in the red. Notable performers included the health sector, rising by 2.32 percent, the raw goods sector, up by 0.69 percent and the primary consumer goods sector, with a 0.49 percent increase.
Conversely, sectors experiencing the most significant losses were the non-primary consumer goods sector, down by 0.82 percent. Transportation and energy followed suit, losing 0.56 percent and 0.04 percent, respectively.
Simultaneously, the LQ45 index closed up 0.61 points at 940.754.
Top gainers in the LQ45 were PT Chandra Asri Petrochemical (TPIA), with an 8.93 percent increase followed by PT Industri Jamu dan Farmasi Sido Muncul (SIDO) which climbed by 5.66 percent and PT Barito Pacific (BRPT) with a 3.45 percent rise.
On the flip side, PT Merdeka Copper Gold (MDKA) led the top losers with a 4.55 percent drop. PT Harum Energy (HRUM) and PT Indo Tambangraya Megah (ITMG) followed with declines of 3.30 percent and 2.54 percent, respectively.
According to Angga Septianus, the community leader at Indo Premier Sekuritas, IHSG's upward movement was driven by market sentiment surrounding a reduction in oil supply. Contrary to market expectations, oil prices experienced a more than 2 percent decline.
"Oil prices fell after OPEC+ producers agreed to a voluntary reduction in oil production for the first quarter of next year," he said on Tuesday, as cited by republika.co.id.
This agreement involved major oil-producing nations such as Saudi Arabia, Russia and other OPEC+ members, collectively responsible for over 40 percent of the world's oil production. The agreed voluntary production cut amounted to nearly two million barrels per day for the first quarter of 2024.
