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IDX Composite strengthens to 7,300 level on Wednesday
The IDX Composite rose by 0.59 percent to 7,328.63 on Wednesday, with transactions totaling Rp 10.5 trillion (US$672 million).
Change Size
Attendees look at stock trading movements Jan. 2, 2024, during the opening ceremony at the Indonesia Stock Exchange (IDX) in Jakarta. The IDX Composite (IHSG) rose by 0.59 percent to 7,328.63 on Feb. 28, 2024, with transactions totaling Rp 10.5 trillion (US$672 million). (Antara/Asprilla Dwi Adha)
T
he Indonesia Stock Exchange (IDX) Composite (IHSG) continued its positive trajectory, closing 0.59 percent higher at 7,328.63 on Wednesday.
The stock exchange saw transactions totaling Rp 10.5 trillion (US$672 million). Of the listed stocks, 260 strengthened, 267 declined and 246 remained flat.
Most stock sectors exhibited strength, led by the primary consumer goods sector with a 1 percent gain. The infrastructure sector followed, with a 0.7 percent rise, while the financial and raw goods sectors increased by 0.5 percent and 0.4 percent, respectively.
However, some sectors witnessed declines, with the technology sector experiencing the most significant drop of 1.9 percent. The health sector decreased by 0.7 percent, while non-primary consumer goods lost 0.1 percent.
The LQ45 index also experienced an uptick, rising by 0.46 percent to 997.248.
The top gainer on Wednesday was PT Alfa Energi Investama (FIRE), which soared 34.1 percent, hitting the upper auto-rejection limit (ARA). PT Megapower Makmur (MPOW) followed suit with a 33.3 percent jump.
Meanwhile, PT Satu Visi Putra (VISI) and PT Sinergi Multi Lestarindo (SMLE) were among the top losers, falling by 18.30 percent and 16.39 percent, respectively.
The research team at MNC Sekuritas observed a positive trend in the IDX Composite's movement, saying that the market was positioned above its 20-day moving average, which showcased the average price movement of shares over the last 20 days.
This observation suggests a potential continuation of the IDX Composite's strengthening in the short term, with projections ranging from 7,297 to 7,325.
"If the IDX Composite is held by support at 7,197, then it has the opportunity to strengthen again to test resistance 7,370-7,403 on the red label," the MNC Sekuritas team said on Wednesday.
