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IDX Composite rises 0.89% on political stability boost
The IDX Composite rose 0.89 percent to 7,626.95 on Tuesday, returning to the 7,600 range again after trading between 7,480 and 7,500.
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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 rose 0.89 percent to 7,626.95 on Oct. 15, 2024. (Antara/Dhemas Reviyanto)
T
he Indonesia Stock Exchange (IDX) Composite index closed in the green for the second consecutive day this week on Tuesday, after rising steadily throughout the session.
The index increased by 0.89 percent, or 67.29 points, to close at 7,626.95.
Eight sectors contributed to the Composite index’s growth on Tuesday, with primary consumer goods and health care leading the rise, growing by 1.39 percent and 1.23 percent, respectively. They were followed by technology, which was up 1.13 percent. The other sectors that gained were basic materials, non-primary consumer goods, finance, industrials and transportation.
The rest of the sectors experienced declines, ranging from 0.03 to 0.19 percent. Infrastructure was the worst performing sector for the day.
The day's trading volume 22.57 billion shares, with a transaction value of Rp 10.30 trillion (US$661.43 million). A total of 303 stocks rose, 261 declined and 237 remained unchanged.
The LQ45 index jumped 1.16 percent to 948.61. The top gainers were PT Mitra Adiperkasa (MAPI), which rose by 4.65 percent, PT Amman Mineral Internasional (AMMN), which climbed 3.97 percent, and PT Sumber Alfaria Trijaya (AMRT), which increased 2.50 percent.
PT AKR Corporindo (AKRA), meanwhile, posted the largest percentage decline on the LQ45 index, falling by 4.89 percent. It was followed by PT Medco Energi Internasional (MEDC) and PT Indosat (ISAT), which declined by 2.64 percent and 1.97 percent, respectively.
Trading activity continued to reflect positive market sentiment, buoyed by strong performances in key sectors. Tuesday’s number marks a return to the 7,600 level after six days of trading between 7,480 and 7,500.
The market rise followed the announcement of ministerial candidates for the incoming Prabowo Subianto administration, signaling political stability that the market welcomed.
Investors reacted favorably to Prabowo’s meeting with potential cabinet members, particularly his request for Sri Mulyani to remain Finance Minister.
Additionally, Indonesia’s trade balance recorded a surplus of approximately Rp 50.78 trillion in September. The surplus exceeded market expectations of $2.9 billion, driven by strong exports of mineral fuels and animal fats and lower imports.
