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IDX Composite closes up 0.73% on Thursday
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A woman takes a picture of stock movements at the Indonesian Stock Exchange (IDX) in Jakarta on Tuesday, July 4, 2023. The IDX Composite maintained its position in the green zone on Jan. 18, 2024, strengthening by 0.73 percent to close at 7,252.96. (Antara/Hafidz Mubarak A)
T
he Indonesia Stock Exchange (IDX) Composite maintained its position in the green zone on Thursday, rising 52.33 points, or 0.73 percent, to close at 7,252.96.
The index was in positive territory throughout the day, fluctuating between a low of 7,185 and a high of 7,267.
The market overall was mixed, with 250 stocks rising, 261 declining and 258 trading flat.
Some 19.46 billion shares were traded on the IDX on Thursday, with a transaction value of Rp 10.18 trillion (US$652.18 million).
Seven of the exchange’s 11 sectors contributed positively to the day’s performance.
The raw goods sector led with an increase of 2.78 percent, followed by the health sector, up 1.56 percent.
Infrastructure and non-primary consumer goods increased by 0.97 percent. The energy, financial and property sectors saw more moderate increases, below 0.1 percent.
Meanwhile, the transportation sector registered a decrease of 0.79 percent, while the primary consumer goods sector dropped by 0.32 percent. The industrial and technology sectors declined by 0.10 percent and 0.09 percent, respectively.
The top gainer of the LQ45 was PT Chandra Astri Petrochemical (TPIA), surging by an impressive 24.93 percent to Rp 4,260 per share.
The biggest loser in the 45-stock index was PT Esa Industries Indonesia (ESSA), experiencing a 2.59 percent decline and settling at Rp 565 per share.
Meanwhile, Manulife Aset Manajemen Indonesia predicted that the IDX Composite would hit the 7,800 mark by the end of the year.
Senior portfolio manager at Manulife, Samuel Kesuma, attributed this to expectations of interest rate cuts by the United States Federal Reserve and stability in the rupiah exchange rate.
"Most importantly, there will be an improvement in people's purchasing power during the election year. We expect that this will increase the people's purchasing power, especially for the lower-middle class," Samuel added.
