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IDX Composite rebounds amid lower global growth forecast
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An employee takes a picture of stock movements at the Indonesia Stock Exchange (IDX) in Jakarta on July 4, 2023. The IDX Composite rebounded 0.38 percent to 7,227.29 on Jan. 10 ahead of United States consumer price index data, as the World Bank forecasts slower global growth this year. (Antara/Hafidz Mubarak A)
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he Indonesia Stock Exchange (IDX) Composite rebounded 0.38 percent to 7,227.29 on Wednesday ahead of United States consumer price index data, as the World Bank forecasts slower global growth this year.
Some 18.50 billion shares were traded on the exchange on Wednesday at a total value of Rp 9.30 trillion (US$595.2 million). Of the listed stocks, 273 gained, 243 declined and 249 stayed constant.
Ten sectoral indices rose, including the infrastructure sector, which rose by 1.37 percent; the non-primary consumer goods sector, which gained 0.96 percent; and the energy sector, which grew 0.53 percent.
The property sector closed in the red, declining by 0.05 percent.
The LQ45 index, meanwhile, closed 0.941 points lower at 969.137. PT Chandra Asri Petrochemical (TPIA) saw the sharped decline, falling 5.21 percent. PT Sarana Menara Nusantara (TOWR) and PT Merdeka Copper Gold (MDKA) lost 2.55 percent and 1.59 percent, respectively.
The top gainers in the LQ45 index were PT Elang Mahkota Teknologi (EMTK), with a 3.6 percent gain, followed by PT Barito Pacific (BRPT), with a 3.24 percent rise. PT Indofood CBP Sukses Makmur (ICBP) saw a 2.95 percent increase.
In its January Global Economic Prospects report, the World Bank predicted the a global growth rate of 2.4 percent this year, down from the previous year for the second consecutive year.
For Indonesia, the World Bank maintained its 2024 growth projection of 4.9 percent but revised its 2025 projection down to 4.9 percent, compared to 5.0 percent in its June 2023 estimate.
On the domestic front, the Bank Indonesia (BI) consumer confidence index survey for December 2023 registered at 123.8, a slight increase from the previous month's 123.6. The figure suggests positive consumer sentiment for the Indonesian economy.
