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IDX Composite gains 0.16% as new administration takes office
The IDX Composite index gained 0.16 percent to close at 7,772.60 on Monday, after dipping earlier in the morning following President Prabowo Subianto’s inauguration on Sunday.
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Ups and downs: An employee walks past a giant monitor showing the fluctuations of the Composite Index at the Indonesia Stock Exchange (IDX) in Jakarta on Aug. 5, 2024. The IDX Composite index gained 0.16 percent to close at 7,772.60 on Oct. 21, 2024. (Antara/Dhemas Reviyanto)
T
he Indonesia Stock Index (IDX) Composite index rose by 0.16 percent, or 12.54 points, to 7,772.60 at the close of trading on Monday.
This positive closing followed an initial dip earlier in the day following President Prabowo Subianto's inauguration on Sunday. The Composite index opened at 7,759, down 0.93 points or 0.01 percent from the previous trading session.
Riska Afriani, a capital markets analyst, noted that the initial Composite index correction was expected as a result of profit-taking after significant gains over the past week.
“Of course, it is influenced by the presidential inauguration because there is a new cabinet lineup,” Riska said, as reported by cnnindonesia.com.
“This will obviously affect government policies.”
By the end of the day, eight sectoral indices in the IDX strengthened. The technology sector led with a 1.86 percent rise, followed by property and real estate (1.15 percent), industrials (1.05 percent), transportation and logistics (1.03 percent), basic materials (0.58 percent), financials (0.48 percent), energy (0.26 percent) and non-primary consumer goods (0.08 percent).
The three sectors recording declines were primary consumer goods, which fell by 0.50 percent, health care, which dropped by 0.42 percent, and infrastructure, which lost 0.40 percent.
Among LQ45 stocks, the top gainers were PT Aneka Tambang (ANTM), which rose by 4 percent, PT Astra International (ASII), up 3.66 percent, and PT Bank Jago (ARTO), which added 3.50 percent.
The biggest losers were PT Kalbe Farma (KLBF), which declined by 3.21 percent, PT Semen Indonesia (SMGR), down 2.43 percent, and PT Indofood CBP Sukses Makmur (ICBP), which fell by 2.34 percent.
The day’s trading volume reached 25.4 billion shares, with a total transaction value of Rp 10.4 trillion (US$670.8 million). Overall, 303 stocks rose, 270 fell and 228 remained unchanged.
The Composite index has strengthened 2.82 percent over the past week and has gained 6.87 percent since the beginning of the year. Analysts predict that the market may experience further shifts as the new administration’s policies become clearer in the coming weeks.
