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IDX Composite closes up 1.11% to hit new record high
The IDX Composite broke the previous record it booked on the second day of 2024 by closing on Thursday at 7,359.76 points, with only the technology and health sectors showing a dip.
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A woman takes a picture of a stock ticker display on July 4, 2023 at the Indonesia Stock Exchange (IDX) in Jakarta. The IDX Composite closed higher at 7,359.76 points on Jan. 4, 2024, surpassing its previous all-time high of 7323.59 achieved on Tuesday. (Antara/Hafidz Mubarak A)
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he Indonesia Stock Exchange (IDX) Composite closed in the green on Thursday after a significant rise of 1.11 percent or 80.67 points to reach 7,359.76, after briefly hitting an all-time high of around 7371 shortly before the close of trading.
The index’s closing figure on Thursday still broke its previous record of 7323.59 on Jan. 2, which also saw a record-breaking Rp 11.768 quadrillion (US$757.59 billion) in market capitalization.
Among the bourse’s 11 sector indices, nine pushed the IDX Composite into the green. The transportation sector recorded the highest gain of 2.30 percent, followed by the financial sector with 2.13 percent and the energy sector with 1.71 percent.
The non-primary consumer goods sector increased 0.89 percent and the primary consumer goods sector was up 0.71 percent, while the industrial sector rose 0.60 percent, the raw goods sector 0.35 percent, infrastructure 0.09 percent and the property and real estate sector saw a 0.04 percent uptick.
Only two sectors were corrected on Thursday: The technology sector dipped 0.64 percent and the health sector was down 0.36 percent.
The day’s volume of trade totaled 16.93 billion shares worth Rp 9.71 trillion, with 326 stocks gaining, 221 entering correction and 221 stagnant.
Aside from the IDX Composite, the LQ45 index also closed higher on Thursday at 1.57 percent to reach 988.64.
According to the Capital Sensitivity Analysis (CSA) Index, market players are still maintaining a “wait and see” stance at the start of the year. Despite this, it also indicates that the market is anticipating the so-called January effect, a seasonal tendency for stock prices to rally at the start of the year, which could potentially push the IDX Composite even higher.
"Appreciation of the rupiah and potential rate cuts in 2024 are often cited by market players as factors behind the IDX Composite’s rallying," said David Sutyanto, chairman of the Indonesian Securities Analyst Association (AAEI), as quoted by Antara on Thursday.
David added that market sentiment would lean toward limited optimism at the beginning of this year as traders adopt a wait-and-see stance on various factors, including the 2024 general election.
He also expressed his belief that market players would opt to wait until the election was over before making any strategic investments, while keeping an eye on listed companies’ expansion plans as well as ongoing geopolitical issues.
