The IDX Composite reached its highest point of 7,441.62 during Wednesday’s trading.

The total transaction value was 17.64 billion stocks, worth Rp 20.17 trillion [US$1.29 billion]. Among the stocks, 208 gained, 334 corrected and 233 remained flat.

In the past five days, the IDX Composite saw gains of 1.99 percent, while year-to-date, it has risen by 2.04 percent.

There were six sectors behind the IDX Composite’s rise. The raw materials sector had the highest increase, surging by 2.61 percent, followed by the infrastructure sector with a rise of 0.96 percent and the financial sector with 0.58 percent.

However, as the index became stronger, five sectors declined. The energy sector had the steepest decline at 2.4 percent, followed by the technology sector with a 1.64 percent decrease and the industrial sector with a 0.8 percent decrease.

The top three performers in the LQ45 on Wednesday were PT Bank Syariah (BRIS), with a 9.62 percent gain, PT Vale Indonesia (INCO) with a 7.77 percent rise and PT ESSA Industries Indonesia (ESSA) with a 7.41 percent increase.

Meanwhile, PT GoTo Gojek Tokopedia (GOTO) experienced the most significant decline with a 4.29 percent loss, followed by PT Bukit Asam (PTBA) with a 3.46 percent decrease, and PT United Tractors (UNTR) with a 2.69 percent downturn.

The IDX Composite had already surged to a new all-time high of 7,345 during the morning session. With this increase, the Bank BCA (BBCA), Bank BRI (BBRI) and Bank Mandiri (BMRI) stocks have become the most sought-after.

Ratih Mustikoningsih, a financial expert at Ajaib Sekuritas, said that the 0.96 percent acceleration of the IDX Composite in the past week was one of the domestic factors behind today's surge, as quoted by the bisnis.com business news portal.

Additionally, inflation in the United States rose by 3.2 percent, exceeding the projected inflation rate of 3.1 percent, which was another factor contributing to Wednesday's new record.