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IDX Composite gains for eighth straight day, adding 0.21%
The IDX Composite index rose for the eighth consecutive day on Tuesday, closing 16.38 points higher at 7,788.9.
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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 rose for the eighth consecutive day, closing 16.38 points higher at 7,788.9 on Tuesday. (Antara/Dhemas Reviyanto)
T
he Indonesia Stock Exchange (IDX) Composite index continued its upward trend on Tuesday, rising by 16.38 points, or 0.21 percent, to close at 7,788.9, marking the eighth consecutive day of gains for the index.
The value of the day's trades totaled Rp 13.05 trillion (US$841.9 million), with a volume of 30.97 billion shares across 1.52 million transactions. Of the stocks traded, 282 gained, 299 declined and 216 remained unchanged.
The energy sector led Tuesday’s rise with a 1.2 percent gain, followed by the basic materials sector, which added 1.1 percent, and the industrials sector, which gained 0.9 percent. Meanwhile, the primary consumer goods and technology sectors increased by 0.6 percent each.
On the downside, the property sector fell by 0.5 percent, infrastructure dropped by 0.2 percent and the financial sector slid by 0.1 percent.
Among LQ45 stocks, PT Petrosea (PTRO) stood out as the top gainer, soaring 19.8 percent. Other top gainers were PT Bank Artha Graha Internasional (INPC), rising by 26.6 percent, and PT Jhonlin Agro Raya (JARR), climbing by 14.6 percent.
Meanwhile, PT Bank Rakyat Indonesia (Persero) (BBRI) was the worst-performing stock in the LQ45, sliding 1.80 percent.
The gain in the IDX Composite index came despite mixed movements across Asia. The Hang Seng Index in Hong Kong gained 0.1 percent, and the Shanghai Composite rose by 0.5 percent. However, the Nikkei 225 in Japan fell by 1.3 percent, and Singapore’s Straits Times slipped 0.5 percent.
Market analysts noted that China’s latest interest rate cuts, aimed at boosting its economy, have raised concerns about capital outflows from Indonesian markets, as foreign investors may be drawn to the more attractive Chinese markets.
However, local optimism remains high as investors anticipate President Prabowo Subianto’s "quick win" program rollout. The program will allocate Rp 121 trillion to national initiatives, potentially driving market growth in the coming months.
