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IDX Composite rises 0.71%, supported by domestic sentiment
The IDX Composite index rose by 0.71 percent to 7,557 on Tuesday despite global market pressure from rising United States Treasury yields and geopolitical tensions.
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An employee walks past a giant monitor showing the fluctuations of the Composite index on Aug. 5, 2024, at the Indonesia Stock Exchange (IDX) in Jakarta. The IDX Composite index rose by 0.71 percent to 7,557 on Oct. 8, 2024. (Antara/Dhemas Reviyanto)
T
he Indonesia Stock Exchange (IDX) Composite index closed higher 53 points, or 0.71 percent, at 7,557.14 on Tuesday, supported by positive domestic factors.
Six sectoral indices strengthened, driving the gains. The largest sectoral gains came from financials, which rose by 1.39 percent, followed by property at 1.13 percent and technology at 0.81 percent.
Meanwhile, the biggest sectoral losses were seen in basic materials, down 1.77 percent. The second biggest loser was energy, which fell by 1.37 percent, followed by health care, which decreased by 1.01 percent.
Today’s total stock trading volume reached 23.68 billion shares, with a transaction value of Rp 13.72 trillion (US$876.58 million). A total of 261 stocks advanced, 290 declined and 240 remained unchanged.
Top LQ45 gainers were PT Mitra Adiperkasa (MAPI), which was up 5.74 percent, PT Bank Syariah Indonesia (BRIS), up 4.81 percent and PT Bank Rakyat Indonesia (BBRI), which gained 3.73 percent.
Top LQ45 losers were PT Vale Indonesia (INCO), which dropped by 6.14 percent; PT Merdeka Copper Gold (MDKA), which fell 4.80 percent and PT AKR Corporindo (AKRA), down 4.33 percent.
Tuesday’s rise was supported by domestic optimism, with Bank Indonesia’s consumer confidence index for September remaining strong at 123.5, signaling confidence in the national economy.
Additionally, the World Bank projected Indonesia’s economic growth to reach 5 percent in 2024 and 5.1 percent in 2025, one of the few East Asian countries expected to surpass pre-pandemic growth levels.
However, global pressures weighed on markets as the United States’ 10-year Treasury yields climbed above 4 percent, dampening hopes for significant interest rate cuts by the US Federal Reserve. Meanwhile, geopolitical tensions in the Middle East and China’s upcoming economic stimulus briefing have kept investors on edge.
