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IDX Composite up 0.29% after new US inflation report
The IDX composite strengthened by 0.29 percent to close at 7,241.13 on Friday after the US published consumer price data for December 2023.
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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 strengthened by 0.29 percent to close at 7,241.13 on Jan. 12, 2024, after the US published consumer price data for December 2023. (Antara/Hafidz Mubarak A)
T
he Indonesia Stock Exchange (IDX) Composite (IHSG) strengthened by 21.17 points, 0.29 percent, to close at 7,241.13 on Friday after the United States government published consumer price data for December 2023.
Earlier, BNI Sekuritas head of retail research analyst Fanny Suherman predicted that the IHSG might test a higher support level due to the unexpected rise in US inflation data.
"Today [Friday], the IHSG has the potential to test support at 7,200, following the unexpected rise in US inflation data for December 2023. The resistance levels are at 7,280-7,300, while the support levels are at 7,150-7,200," Fanny said, as quoted by Antara.
The total volume of stock trading amounted to 17.2 billion shares, valued at Rp 9.41 trillion (US$603.99 million), 228 stocks went up, 281 stocks declined and 257 were unchanged.
The industrial sector saw the most significant increase at 0.84 percent, followed by the energy sector at 0.78 percent and the raw goods sector at 0.75 percent. Conversely, the transportation sector experienced the largest drop at 1.05 percent, followed by the infrastructure sector at 0.95 percent and the property sector at 0.76 percent.
Meanwhile, the group of 45 leading stocks, the LQ45 index, rose by 0.58 percent to 974.78.
PT ESSA Industries Indonesia was the top gainer, adding 7.08 percent. PT Medco Energy International rose by 4.10 percent, while United Tractors strengthened by 2.58 percent.
In contrast, the top loser on the LQ45 for the day was PT Chandra Asri Petrochemical, which dropped by 4.04 percent.
The US consumer price index rose 3.4 percent year-on-year (yoy) in December 2023, from the previous 3.1 percent in November. Analysts attributed the unexpected increase to higher rents and food prices, presenting challenges for the US Federal Reserve's goal of achieving a 2 percent inflation target.
