The IDX Composite surged by 1.13 percent to close at 7,735 on Thursday, with speculation over Sri Mulyani’s cabinet role boosting market confidence.
he Indonesia Stock Market (IDX) Composite index made a strong upward move, jumping by 1.13 percent, or 86.1 points, to close at 7,735.04 on Thursday. This marked a significant rebound after the bourse opened lower at 7,648 in the morning.
Several sectors played a key role in pushing the composite index higher. The raw materials sector led the charge by climbing 2.75 percent, followed by the energy sector, which advanced 1.31 percent.
The financial sector also contributed, gaining 1.12 percent, while the technology, industrial and real estate sectors saw moderate increases of between 0.60 and 0.82 percent. Transportation and logistics also posted a positive performance, rising by 0.34 percent.
Four sectors posted declines, led by the healthcare sector, which dropped by 0.93 percent. The non-primary consumer goods sector shed 0.62 percent, infrastructure fell by 0.31 percent, and primary consumer goods slipped by 0.29 percent.
On the LQ45 index, the top gainers were PT Indocement Tunggal Prakarsa (INTP), which surged by 6.76 percent, PT Semen Indonesia (SMGR), which gained 5.54 percent, and PT Bank Mandiri (BMRI), up 3.21 percent.
Conversely, the top decliners were PT Unilever Indonesia (UNVR), which dropped by 2.87 percent, PT Kalbe Farma (KLBF), down 2.31 percent, and PT Indosat (ISAT), which fell by 2.03 percent.
The day's total trading volume on the IDX was 27.1 billion shares, with a transaction value of Rp 11.4 trillion (approximately US$747 million). A total of 343 stocks advanced, 230 stocks declined and 224 remained unchanged by the end of the trading day.
Over the past week, the IDX Composite index has soared 3.41 percent, bringing its year-to-date gains to 6.36 percent.
The market’s positive response was partially driven by speculation about the cabinet makeup under president-elect Prabowo Subianto, particularly the possibility of Sri Mulyani continuing as finance minister.
Analysts see this as a stabilizing factor for monetary policy and market conditions moving forward.
Mirae Asset chief economist and head of research Rully Arya Wisnubroto said the speculation about Sri Mulyani's position was viewed as a positive surprise for the market.
“Especially considering the trend towards lower interest rates, which could benefit the bond market significantly,” he said.
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