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IDX Composite strengthens amid wait for BI, Fed benchmark rates
The IDX Composite rose 0.47 percent despite recent declines. Investors are waiting for Bank Indonesia and the US Fed benchmark interest rate decisions, which will come out this week.
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The IDX Composite rose 0.47 percent on March 19, 2024, despite recent declines. (Antara/Akbar Nugroho Gumay)
T
he Indonesia Stock Exchange (IDX) Composite (IHSG) strengthened in the closing market on Tuesday, increasing by 0.47 percent, or 34.3 points, to close at 7,336.75.
Over the past five days, the IDX Composite has shown a downward trend, declining by 0.61 percent. However, since the beginning of 2024, The IDX Composite has grown by 0.88 percent.
The index even managed to increase as investors waited for the decisions regarding benchmark interest rate decisions from Bank Indonesia and the United States Federal Reserve.
BI held its meeting on Tuesday and Wednesday, while the Fed is expected to announce its policy on Thursday.
Based on the current consensus, the Fed will maintain its interest rate between 5.25 and 5.5 percent.
Meanwhile, BI will keep the benchmark interest rate at 6 percent. Currently, the interest rate for the deposit facility stands at 5.25 percent, and the lending facility interest rate is 6.75 percent.
If BI maintains the benchmark interest rate at 6 percent, it will mark the fifth consecutive month that BI has kept the benchmark interest rate steady at that level. BI last raised its interest rate in October, increasing it from 5.75 percent to 6 percent.
Tuesday's total volume of transactions was 16.39 trillion units, valued at Rp 9.58 trillion (US$608.68 million). Among the listed stocks, 257 gained, 251 corrected and 262 remained flat.
Seven sectors lifted the IDX Composite into the green zone.
Among these sectors, the primary consumer goods sector had the most significant increase at 1.08 percent, followed by the energy sector at 0.73 percent and the property and real estate sector at 0.68 percent.
However, four sectors experienced declines. The technology sector fell by 0.89 percent and the primary consumer goods sector declined by 0.46 percent. Meanwhile, the raw materials sector was trimmed by 0.16 percent, and the transportation and logistics sector fell by 0.11 percent.
The top three gainers were PT ESSA Industries Indonesia (ESSA), which rose by 5.26 percent, PT Charoen Pokphand Indonesia (CPIN) by 3.4 percent and PT Perusahaan Gas Negara (PGAS) by 3.23 percent.
The top three losers on Tuesday were PT Saratoga Investama Sedaya (SRTG) with the steepest decline at 5.23 percent. Meanwhile, PT Mitra Adiperkasa (MAPI) was down by 4.2 percent and PT Merdeka Battery Materials (MBMA) fell by 3.53 percent.
