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IDX Composite climbs up by 1.7%, retouches 7,100 mark
The IDX Composite closed notably higher on Monday, with a rise of 1.7 percent to 7,155.78, and crossed over the psychological level of 7,100 as investors took a cautious stance.
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A woman walks on March 13, 2024, past an electronic display showing stock movements on the Indonesia Stock Exchange (IDX). The IDX Composite closed notably higher by 1.7 percent, reaching 7,155.78 on April 29, 2024. (Antara/Akbar Nugroho Gumay)
T
he Indonesia Stock Exchange (IDX) Composite (IHSG) closed significantly higher on Monday amid a wait-and-see approach adopted by investors ahead of key global economic data releases this week.
The Composite index surged 1.7 percent to reach 7,155.78, touching the psychological level of 7,100 once again after it closed at 7,036 on Friday.
At the end of trading today, the index transaction value reached around Rp 12 trillion (US$739.43 million), including 18 billion shares being traded 1 million times.
Several sectors supported the Composite index’s rise on Monday, namely the health sector, which rose by 4.3 percent, energy by 2.46 percent, raw materials by 2.35 percent and infrastructure by 1.86 percent. Meanwhile, industry and technology rose by 1.3 percent and primary consumer goods by 1.15 percent.
Several stocks were the main movers of the IHSG today, once again led by the renewable energy firm PT Barito Renewables Energy (BREN). Owned by conglomerate Prajogo Pangestu, BREN was the biggest support for the IHSG in the first session on Monday, reaching 20.6 index points.
The Composite index shows an upward trend despite foreign investors recording a net sell of Rp 2.47 trillion in the Indonesian stock market from April 22 to Thursday, with a total of Rp 40.04 trillion in the past five weeks.
This has, however, led to pressure on the Indonesian currency. Investors are cautious, awaiting key global economic data releases, including the United States Federal Reserve’s decision on interest rates.
The Fed is expected to maintain relatively high interest rates due to the sticky US inflation rate of 3.5 percent year-on-year (yoy), currently higher than its 2 percent target.
If US inflation remains high, a rate cut may be challenging this year.
