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IDX Composite rises 0.57%, closes week in green

The IDX Composite closed the week in the green after rising by 0.57 percent, to close at 7,670.73 on Friday.

News Desk (The Jakarta Post)
Jakarta
Fri, August 30, 2024 Published on Aug. 30, 2024 Published on 2024-08-30T18:20:05+07:00

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IDX Composite rises 0.57%, closes week in green Tidy trading: A custodian cleans the floor of the Indonesia Stock Exchange building on April 16, 2024, in South Jakarta. The IDX Composite index closed the week in the green after rising by 0.57 percent, to close at 7,670.73 on Aug. 24, 2024. (Antara/Erlangga Bregas Prakoso)

T

he Indonesia Stock Exchange (IDX) Composite index closed the week stronger, gaining 0.57 percent or 43.13 points to 7,670.73 on Friday.

The composite rose by 1.68 percent over the week. On Friday, 22.9 billion shares were traded with a total value of Rp26.1 trillion (US$1.68 billion). Of these, 310 stocks gained, 274 lost and 207 remained unchanged.

Seven sectoral indices supported the index’s gain for the day. The infrastructure sector led with a 1.22 percent increase, followed by transportation and logistics at 0.96 percent, technology at 0.66 percent, non-primary consumer goods at 0.48 percent, basic materials at 0.33 percent, health at 0.17 percent and primary consumer goods at 0.11 percent.

On the other hand, four sectors declined: energy dropped by 0.54 percent, industry by 0.44 percent, property and real estate by 0.38 percent and financial by 0.12 percent.

The LQ45 index also showed positive movement, rising by 0.25 percent or 2.36 points to 944.48. The top gainers in the LQ45 index on Friday were PT Gudang Garam (GGRM), with a 4.47 percent rise, PT Vale Indonesia (INCO), which was up 3.23 percent and PT ESSA Industries Indonesia (ESSA), which added 2.89 percent.

The biggest losers were PT Indah Kiat Pulp & Paper (INKP), which declined by 2.99 percent, PT Kalbe Farma (KLBF), which lost 2.94 percent and PT Mitra Adiperkasa (MAPI), which fell by 2.61 percent.

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The index rose because of positive investor sentiment in the United States economy and the MSCI index review for August 2024. The US reported 3 percent economic growth for the second quarter, exceeding the expected 2.8 percent, which boosted global economic optimism and investor confidence in Indonesia.

The upcoming update to the MSCI Global Standard and MSCI Small Cap indices on Sept. 2 has led fund managers to start selecting new stocks.

Stocks added on Friday to the MSCI Small Cap index — including PT Cisarua Mountain Dairy (CMRY), PT MD Entertainment (FILM), PT Vale Indonesia (INCO) and PT Wijaya Karya (Persero) (WIKA) — performed well.

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