The Indonesia Stock Exchange (IDX) Composite index closed 8.04 points – 0.11 percent –higher on Monday, at 7,504.13.

Nine sectoral indices strengthened, supporting the rise of the composite index on Monday, while two other sectoral indices slipped into the red.

The biggest gains came from the technology sector, which increased by 2.76 percent, followed by the basic materials sector, up 1.51 percent, and the property sector, up 1.32 percent.

In contrast, the industrial sector declined by 0.52 percent, and the financial sector fell by 0.15 percent.

A total of 315 stocks advanced, 240 declined and 241 remained unchanged. Today’s total trading volume reached 24.81 billion shares with a transaction value of Rp 11.40 trillion (US$724.49 million).

The top gainers in the LQ45 index were PT Bukalapak.com (BUKA), with a 25.22 percent rise, PT Industri Jamu dan Farmasi Sido Muncul (SIDO), up 4.69 percent, and PT Unilever Indonesia (UNVR), which gained 4.61 percent.

On the losing side, PT Bank Negara Indonesia (BBNI) dropped 2.35 percent, PT Indofood Sukses Makmur (INDF) fell by 1.77 percent and PT Bank Central Asia (BBCA) slipped by 1.67 percent.

RHB Sekuritas analyst Muhammad Wafi noted that the IDX Composite index showed signs of correction and broke below its 50-day moving average (MA50) with increasing volume. While there is potential for a rebound, as long as it stays below the MA50 line, the index is likely to weaken further and test support at the 100-day moving average (MA100).

“However, if the index breaks above the MA50 line, there is potential for a rebound, testing the resistance at the 20-day moving average (MA20),” Wafi stated in his research as quoted from Bisnis.