TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
IDX Composite jumps 1.22% as market eyes US Fed’s policy direction
The IDX Composite ended Thursday 1.22 percent higher as investors watched the US Federal Reserve’s policy direction.
Change Size
A woman walks on March 13, 2024, past an electronic display showing stock movements on the Indonesia Stock Exchange (IDX). The IDX moved 1.22 percent higher to close at 7,254.39 on April 4, 2024, as investors watched the United States Federal Reserve’s policy direction . (Antara/Akbar Nugroho Gumay)
The Indonesia Stock Exchange (IDX) Composite (IHSG) soared 87.55 points or 1.22 percent to close at 7,254.39 on Thursday.
The total trading volume on the exchange today reached 14.72 billion shares with a total value of Rp 11.69 trillion (US$736.49 million). At the closing bell, 380 stocks had risen, 219 had fallen and 192 remained unchanged.
Nine out of 11 sectoral indices strengthened, supporting the index’s increase. The sectoral index with the largest gain was the raw materials sector, which rose by 2.93 percent. It was followed by the infrastructure sector with a 1.15 percent increase and the financial sector, which grew by 0.93 percent.
On the other hand, the energy sector fell by 0.15 percent while the industrial sector lost 0.12 percent.
The LQ45 index, which tracks the performance of the top 45 stocks by market capitalization, jumped by 1.45 percent to 967.76. PT Merdeka Battery Materials (MBMA) was the best-performing stock within the LQ45, soaring 13.27 percent. Meanwhile, PT Indah Kiat Pulp & Paper (INKP) became the top loser, down 2.53 percent by the end of the trading session.
Earlier in the morning, analysts at Phillip Sekuritas Indonesia noted the IHSG’s rebound following United States Federal Reserve Chairman Jerome Powell’s statement about potential interest rate cuts this year.
"The stock indexes in Asia opened higher this morning, rebounding from the previous day's [Wednesday] selling activity as investors digest comments from Fed Chair Jerome Powell," said the Phillip Sekuritas Indonesia research team in a note, as quoted by Antara.
Previously, investors raised concerns that the Fed might refrain from cutting its benchmark interest rates as much as the market expected since data suggested that the US economy remained strong.
