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IDX Composite ends trading week with 0.12% decline
The IDX Composite fell by 0.12 percent to 7,350.61 on Friday. The financial sector led the gains, while the health sector suffered the biggest loss.
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An employee takes a picture of stock movements at the Indonesian Stock Exchange (IDX) in Jakarta on July 4, 2023. The IDX Composite fell 0.12 percent to 7,350.61 on Jan. 5, 2024. (Antara/Hafidz Mubarak A)
The Indonesia Stock Exchange (IDX) Composite concluded Friday trading down 0.12 percent, or 9.14 points, closing at 7,350.61.
Some 17.42 billion shares changed hands in the day, worth some Rp 9.45 trillion (US$606.72 million), with 237 stocks gaining, 294 falling and 236 maintaining their positions.
Four sectoral indices reported gains while seven others fell. Leading the gainers were the financial sector, with a 0.87 percent rise, followed by the property sector, with a 0.45 percent increase, and the energy sector, with a 0.43 percent climb.
Meanwhile, the health sector experienced the most substantial setback, falling by 0.78 percent. The primary consumer goods and industrial sectors followed with 0.64 percent and 0.60 percent drops, respectively.
The LQ45 index also saw a 0.24 percent decrease to 986.258. PT Mitra Adiperkasa posted a 4.77 percent decline. Meanwhile, PT ESSA Industries Indonesia lost 3.39 percent, and PT Chandra Asri Petrochemical dropped by 2.97 percent.
PT Merdeka Copper Gold (MDKA) recorded the biggest gain of the day, increasing 3.69 percent. PT Tower Bersama Infrastructure (TBIG) followed with a 2.36 percent increase, while PT Ace Hardware Indonesia (ACES) was up 2.04 percent.
Prior to the trading session, concerns were raised about potential profit-taking, given that the previous day's substantial index surge lacked adequate volume support.
"Keep an eye out for the IDX Composite pivot level at 7,330 in today's trading," said Phintraco Sekuritas head of research at Valdy Kurniawan, as quoted by the IDX Channel.
Valdy highlighted the significant impact of bank stocks on Thursday's movement alongside the energy sector. The latter was influenced by expectations of escalating energy commodity prices, attributed to growing concerns about supply and logistics costs.
Meanwhile, the positive regional sentiment derived from China's service sector index, which rose to 52.6 in December 2023 from 51.6 the previous month. This development slightly mitigated the negative sentiment stemming from China's disappointing manufacturing index realization in December 2023, according to Valdy.
