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IDX Composite rises 0.86% on Monday ahead of election
The IDX Composite closed 0.86 percent higher on Monday, as the market was in “wait-and-see” mode ahead of the general election on Wednesday.
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Attendees look at a display of stock prices at a ceremony to open the trading day at the Indonesia Stock Exchange (IDX) in Jakarta on Jan. 2, 2024. (Antara/Asprilla Dwi Adha)
After a long weekend, the Indonesia Stock Exchange (IDX) Composite gained 0.86 percent on Monday to end the trading day at 7,235.15.
The index strengthened ahead of the general election on Wednesday, which will determine the president and national and regional legislative representatives for the next five years. Investors are expected to stay in “wait-and-see” mode during the pre-election quiet period, in which no campaigning is permitted.
“The IDX Composite will move in a limited range and tend to strengthen because the market players are expected to still wait and see amid the 2024 election,” a research team from Lotus Andalan Sekuritas said on Monday, as quoted by Antara news agency.
Some 23.2 billion shares were traded on Monday, worth some Rp 11.8 trillion (US$756.89 million). Among the listed stocks, 286 strengthened, 241 weakened and 258 stayed flat.
Seven of the index’s 11 sectors rose, with the financial sector leading with 1.18 percent growth. Infrastructure rose by 0.85 percent, while property and real estate added 0.61 percent.
Transportation and logistics, meanwhile, slipped by 0.38 percent, alongside a 0.35 percent drop in primary consumer goods.
The LQ45 index was also up 1.22 percent, closing at 995.167. PT Vale Indonesia (INCO) led the gains with a 10.93 percent increase. PT Unilever Indonesia (UNVR) was the worst performer in the LQ45, posting a 10.7 percent decline.
The IDX is closed on Wednesday for voting day.
On Thursday, the market will resume trading, coinciding with the publication of a trade balance report as well as export and import data for January.
