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IDX Composite strengthens 0.44% after early decline
Despite being in the red for most of Tuesday, the IDX Composite strengthened at the market closing amidst strengthening stock exchanges in other parts of Asia.
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A woman walks on March 13, 2024 past an electronic display showing stock movements on the Indonesia Stock Exchange (IDX). Despite being in the red for most of the day, the IDX Composite strengthened by 0.44 percent to 7,236.98 on Tuesday, April 2, 2024. (Antara/Akbar Nugroho Gumay)
T
he Indonesia Stock Exchange (IDX) Composite (IHSG) strengthened by 0.44 percent to 7,236.98 as the market closed on Tuesday after being in the red zone for the whole day.
"Today, the IHSG is predicted to have a mixed [variable] move, within the range of 7,170 to 7,250," Ajaib Sekuritas financial expert Ratih Mustikoningsih said on Tuesday morning, as quoted by Antara news agency.
The stock exchange opened with LQ45 Futures, its most liquid index, declining 0.1 percent to 968.06. The IDX Composite was corrected because foreign investors decided to take profit from big-cap stocks. Another contributing factor was the rise in Indonesia's national inflation.
According to the Statistics Indonesia (BPS) report for March, domestic annual inflation was 3.05 percent, higher than the previous month's inflation rate of 2.75 percent. The inflation rose in March because of the increased monthly consumption during Ramadan and anticipation of Idul Fitri.
Meanwhile, the total transaction volume on Tuesday was 16 billion, worth Rp 12.2 trillion (US$767.8 million). Among listed stocks, 284 gained, 300 went down and 201 remained flat.
Ten sectors went up as the stock exchange strengthened on Tuesday. Among these sectors, the primary materials sector had the biggest gain at 1.6 percent, followed by the energy sector, which gained 1.59 percent. Meanwhile, transportation and logistics advanced 1.45 percent and the technology sector rose by 0.49 percent.
The only sector that experienced a decline was the financial sector, which was down by 0.18 percent.
The top three gainers on Tuesday were PT ESSA Industries Indonesia (ESSA) with a 9.09 percent increase, PT Bank Syariah Indonesia (BRIS) by 5.49 percent and PT Barito Pacific (BRPT) by 5.26 percent.
Meanwhile, the top three losers were PT Mitra Pack (PTMP), which was down by 6.08 percent, followed by PT Bank Rakyat Indonesia (BBRI), declining by 4.22 percent and PT Bank Negara Indonesia (BBNI), down by 3.1 percent.
