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IDX Composite gains for second straight day, up by 0.49%
The IDX Composite climbed by 0.49 percent to 7,192.22 on Tuesday ahead of the US Federal Reserve’s interest rate decision.
Change Size
Attendees look at stock trading movements on Jan. 2, 2024, during the opening ceremony for trading at the Indonesia Stock Exchange (IDX) in Jakarta. The IDX Composite (IHSG) climbed by 0.49 percent to 7,192.22 on Jan, 30, 2024, ahead of the United States Federal Reserve’s interest rate decision. (Antara/Asprilla Dwi Adha)
T
he Indonesia Stock Exchange (IDX) Composite (IHSG) gained for the second consecutive day on Tuesday, adding 35.04 points or 0.49 percent, to close at 7,192.22.
The composite index opened 0.12 percent lower at 7,148.39 in the morning.
Ajaib Sekuritas financial expert Ratih Mustikoningsih had earlier anticipated the strengthening of the index.
"The movement of the IHSG is supported by the shares of big banks that have released their financial reports for the fiscal year 2023. Today [Tuesday], the IHSG is expected to see a mixed and strengthening trend within the range of 7,090-7,190," said Ratih, as quoted by the Antara news agency.
The market saw a total stock transaction volume of 20.9 billion shares for the day, amounting to Rp 10.44 trillion (US$661 million). Based on the data, 276 stocks weakened, 253 rose and 236 were stagnant.
Four out of 11 sectoral indices closed stronger. The technology sector saw the highest gain for the day, posting a 2.97 percent increase. Non-primary consumer goods and health followed suit by gaining 0.89 percent and 0.64 percent, respectively.
On the other hand, the three sectors with the most significant declines were the transportation sector, with a 1.17 percent drop, the financial sector, with a 0.91 percent decline and the infrastructure sector, with a 0.51 percent loss.
Meanwhile, the LQ45 index rose by 1.02 percent to conclude the trading day at 971.70.
PT GoTo Gojek Tokopedia (GOTO) was the best performer within the 45-stock index, jumping by 11.54 percent. Meanwhile, PT Sarana Menara Nusantara (TOWR) became the worst-performing stock in the LQ45, declining by 4.37 percent.
This week, market players are paying close attention to the United States Federal Reserve, which will hold its policy meeting on Tuesday and Wednesday local time.
The Fed is expected to maintain its interest rates in the range of 5.25-5.5 percent.
The market will focus on the Fed's commentary regarding its commitment to the dual mandate of achieving price stability and maximum employment.
Wall Street analysts predicted that the Fed would declare success in its restrictive monetary policy. It has nearly reached its inflation target of 2 percent, justifying its neutral policy stance in the January meeting.
