TheJakartaPost

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post

IDX Composite jumps 1.13% amid cabinet speculation

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.

News Desk (The Jakarta Post)
Jakarta
Thu, October 17, 2024

Change text size

Gift Premium Articles
to Anyone

Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
IDX Composite jumps 1.13% amid cabinet speculation Ups and downs: An employee walks past a giant monitor showing the fluctuations of the Composite Index (IDX) at the Indonesia Stock Exchange in Jakarta on Aug. 5, 2024. The IDX Composite surged by 1.13 percent to close at 7,735 on Oct. 17, 2024. (Antara/Dhemas Reviyanto)

T

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.

Prospects

Every Monday

With exclusive interviews and in-depth coverage of the region's most pressing business issues, "Prospects" is the go-to source for staying ahead of the curve in Indonesia's rapidly evolving business landscape.

By registering, you agree with The Jakarta Post's

Thank You

for signing up our newsletter!

Please check your email for your newsletter subscription.

View More Newsletter

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.

Your Opinion Matters

Share your experiences, suggestions, and any issues you've encountered on The Jakarta Post. We're here to listen.

Enter at least 30 characters
0 / 30

Thank You

Thank you for sharing your thoughts. We appreciate your feedback.

Share options

Quickly share this news with your network—keep everyone informed with just a single click!

Change text size options

Customize your reading experience by adjusting the text size to small, medium, or large—find what’s most comfortable for you.

Gift Premium Articles
to Anyone

Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!

Generating Questionnaires

Thank You

Thank you for sharing your thoughts.
We appreciate your feedback.