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View all search resultsIDX Composite rebounds on Tuesday, adding 0.52%
The IDX Composite rose by 0.52% to close at 7,125.31, recovering from a decline the day before. An economist expressed optimistism about Indonesia's stock market next year.
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An employee takes a photo of a screen displaying stock movements on July 4, 2023, at the Indonesian Stock Exchange (IDX) in Jakarta. The IDX Composite rose by 0.52% to close at 7,125.31 on Dec. 12, 2023. (Antara/Hafidz Mubarak A)
T
he Indonesia Stock Exchange (IDX) Composite (IHSG) rebounded by 0.52 percent, gaining 36.52 points to close at 7,125.31 on Tuesday after posting a nearly 1 percent decline the day before.
Tuesday saw a total volume of stock transactions reaching 30.24 billion shares, amounting to Rp 12.77 trillion (US$813.36 million). Among the listed stocks, 304 declined, 257 saw gains and 209 remained flat.
Seven sectoral indexes closed in the green zone. The technology sector led with a 1.99 percent increase, followed by a 1.53 percent surge in the financial sector and a 0.91 percent gain in the raw goods sector.
On the flip side, four sectoral indexes declined. The transportation and logistics sector led the losses with a 1.11 percent drop. Primary consumer goods and health lost 0.91 percent and 0.60 percent, respectively. Non-primary consumer goods had a slight decline of 0.004 points.
The LQ45 index also closed positively, rising by 0.51 percent to 941.524.
The top gainers in the LQ45 today were PT Bank Jago (ARTO) at 15.76 percent, PT GoTo Gojek Tokopedia (GOTO) at 9.30 percent and PT Medco Energi Internasional (MEDC) at 4.35 percent.
Meanwhile, PT Unilever Indonesia (UNVR) recorded a 2 percent loss, weighing on LQ45 to lead the top losers. PT ESSA Industries Indonesia (ESSA) followed with a 1.89 percent decline, and PT Elang Mahkota Teknologi (EMTK) had a 1.82 percent dip.
Mirae Asset Sekuritas economist Rully Arya Wisnubroto expressed optimism regarding IDX's prospects in 2024 despite global uncertainties.
"We feel that the prospects for the stock market are still quite good next year, assuming there is an aggressive reduction in interest rates by central banks, the Fed and Bank Indonesia," said Rully, as quoted by the Antara news agency.
Rully also projected an optimistic scenario for the bond market, anticipating lower interest rates. Drawing on the last two decades, he noted that global economic conditions tend to influence economic growth significantly.
Despite optimistic expectations for a conducive domestic political environment during the upcoming general election, Rully forecast that the election's impact on economic growth would be minimal.
If the new government implements policies to accelerate growth while maintaining political stability, there is a substantial opportunity for growth acceleration in the coming years.
