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IDX Composite jumps 0.52% following China’s new stimulus measures
IDX Composite index rose by 0.52 percent on Monday, driven by improved global sentiment amid new Chinese stimulus measures.
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Ups and downs: An employee walks past a monitor showing the fluctuations of the Composite Index at the Indonesia Stock Exchange (IDX) in Jakarta on Aug. 5, 2024. The IDX Composite index rose by 0.52 percent to 7,599 on Oct. 14, 2024. (Antara/Dhemas Reviyanto)
T
he Indonesia Stock Exchange (IDX) Composite index opened the week strong, rising 0.52 percent, or 39.05 points, to close at 7,599.65 on Monday.
The index stayed in the green throughout the trading day, supported by gains in six sectors, including technology (up 1.74 percent), energy (up 1.04 percent) and primary consumer goods (up 0.89 percent). Finance and basic materials also saw gains of 0.44 percent each.
The top performers on the LQ45 index were PT GoTo Gojek Tokopedia (GOTO), which jumped 8.33 percent, and PT Aneka Tambang (ANTM), which rose by 4.15 percent. PT Amman Mineral Internasional (AMMN) also performed well, posting a 3.28 percent rise.
PT Semen Indonesia Tbk (SMGR), meanwhile, led the losers, falling by 3.94 percent. It was followed by PT Dayamitra Telekomunikasi (MTEL) and PT Bukalapak.com (BUKA), which dropped by 3.88 percent and 3.68 percent, respectively.
A total of 21.70 billion shares were traded on the IDX on Monday, with a transaction value of Rp 8.80 trillion ($564.69 million). During trading, 295 stocks rose, 265 fell and 238 remained unchanged.
According to Pilarmas Investindo Sekuritas, the Composite index’s rise on Monday mirrored the strengthening of Asian markets, driven by China’s latest economic stimulus measures.
“The increase in the projection aligns with the series of stimulus measures undertaken by China to support its economic growth,” Pilarmas said, as quoted on investor.id on Monday.
“The market also responded to Singapore’s economic growth in Q3 2024, which increased by 4.1 percent.”
Although details of China’s policies have not been disclosed, expectations of a positive impact buoyed markets. Goldman Sachs revised China’s expected gross domestic product growth for the year from 4.7 to 4.9 percent.
