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IDX Composite closes up 0.17% despite midday dip
The IDX Composite index closed 0.17 percent higher at 7,491.93 on Tuesday, driven by gains in energy and consumer sectors, despite early losses and signs of slowing economic growth.
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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 index closed 0.17 percent higher at 7,491.93 on Nov. 5, 2024. (Antara/Dhemas Reviyanto)
T
he Indonesia Stock Exchange (IDX) Composite index closed 12.42 points, or 0.17 percent, higher at 7,491.93 on Tuesday, after a day of fluctuations.
The index dipped in early trading but later rebounded as five sectoral indexes rose to support the Composite’s gains.
The energy sector led the advances with a 0.82 percent rise, followed by the primary consumer goods and financial sectors, which rose 0.74 and 0.59 percent, respectively.
Technology, meanwhile, fell 0.97 percent, transportation dropped 0.95 percent and infrastructure declined by 0.81 percent.
On the LQ45, PT Indofood Sukses Makmur (INDF) topped the gainers with a 5.70 percent increase, followed by PT AKR Corporindo (AKRA) and PT Aneka Tambang (ANTM), up 4.62 and 3.28 percent, respectively.
PT Unilever Indonesia (UNVR) led the decliners with a 4.81 percent drop, followed by PT Bukalapak.com (BUKA) and PT Sido Muncul (SIDO).
A total of 19.85 billion shares were traded during the day, with a transaction value of Rp 11.22 trillion (US$712.38 million). Throughout the session, 252 stocks rose, 327 declined and 211 remained stagnant.
The Composite’s recovery comes despite signs of slowing economic growth in the third quarter, according to Statistics Indonesia (BPS) data. GDP growth slipped to 4.95 percent year-on-year, the lowest since the third quarter of last year.
BPS attributed the deceleration to seasonal trends, noting that third-quarter growth typically lagged behind earlier quarters. Unemployment figures improved slightly, with 7.47 million unemployed in the country, down by 390,000 from August 2023.
Pilarmas Investindo Sekuritas said the slowdown hinted at weakened consumer spending, with economic growth largely supported by seasonal factors.
Meanwhile, Asian markets showed gains as investors focused on the close United States presidential race between Kamala Harris and Donald Trump. Attention remains on which party will control Congress, as a clean sweep could significantly influence spending and tax policies.
Positive sentiment also came from China, where private survey data showed the fastest growth in the services sector in three months in October, following policy support from Beijing.
