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IDX Composite concludes January with 0.22% gain
The IDX Composite index strengthened on the last trading day of January, closing 0.22 percent higher at 7.207,94.
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Attendees look at stock trading movements during the trade opening ceremony at the Indonesia Stock Exchange (IDX) in Jakarta on Jan. 2, 2024. The IDX Composite index strengthened on the last trading day of January, closing 0.22 percent higher at 7.207,94, on Jan. 31, 2024. (Antara/Asprilla Dwi Adha)
The Indonesia Stock Exchange (IDX) Composite index closed higher on Wednesday, gaining 0.22 percent, or 15.72 points, to 7,207.94.
The index's rise was mainly influenced by the anticipation of the United States Federal Reserve's decision on interest rates, which are expected to remain at 5.25-5.5 percent. The market projects the Fed will begin cutting its benchmark rate in March or May.
"Currently, market participants tend to wait and see the Fed's interest rate decision that will be released on Thursday morning," said the Pilarmas Investindo Securities research team on Wednesday, as quoted by Antara news agency.
Eight of the 11 sectors in the IDX strengthened, with the financial sector recording the highest increase for the day at 1.11 percent. Primary consumer goods followed suit with a 0.75 percent gain, while technology advanced by 0.59 percent.
Conversely, the non-primary consumer goods sector registered the highest decline of 0.2 percent. The healthcare sector dropped by 0.12 percent and the basic materials sector fell by 0.04 percent.
The LQ45 index, which consists of the 45 leading stocks by market capitalization, was up 0.26 percent to 974.22. Bank Syariah Indonesia (BRIS) was the biggest gainer in the LQ45, jumping by 6.88 percent. On the other hand, PT Harum Energy (HRUM) was the biggest loser, falling by 2.08 percent.
The total stock transaction volume on the IDX reached 18.8 billion shares with a transaction value of Rp 11.5 trillion (US$730.33 million). By the closing bell, 257 stocks had risen, 257 fell and 251 were flat.
The International Monetary Fund (IMF) published the World Economic Outlook on Tuesday, 2024, forecasting a stabilization of inflation and a "soft landing" ahead.
The international body predicts that the US economy will grow by 2.1 percent this year, while China will see 4.6 percent growth, an upward revision from the previous projection of 4.1 percent.
However, China released its manufacturing data for this month on Wednesday, which showed the country’s manufacturing activities remained tight, even though the manufacturing purchasing manager index rose to 49.2 in January from 49 in the previous month.
