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.
IDX Composite jumps 1.65% on broad sectoral gains
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!
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 IDX Composite rose by 1.65 percent, or 118.54 points, to end the trading day at 7,314.11 on Nov. 25, 2024. (Antara/Dhemas Reviyanto)
T
he Indonesia Stock Exchange (IDX) Composite index began the week strong, adding 1.65 percent or 118.54 points to sit at 7,314.11 by the end of the closing bell on Monday.
The index recorded a total trading volume of 35.81 billion shares, worth some Rp 18.03 trillion (US$1.13 billion). During the day, 299 shares strengthened, 291 fell, and the remaining 200 traded flat.
Of 11 sectors on the IDX, only one closed in the red. The technology sector fell by 1.17 percent to end the trading day at 4,206.26.
Finance, meanwhile, was the best performer of the day, jumping 1.49 percent. The next best performing sectors, based on percent gain, were the industrial and energy sectors, which rose 1.49 percent and 1.28 percent, respectively.
The LQ45 index, which tracks the IDX’s top 45 shares based on market capitalization, rose by 1.65 percent to 891.52.
PT Barito Pacific (BRPT) and PT Unilever Indonesia (UNVR) were the two top gainers on the LQ45, adding 8.75 percent and 6.69 percent, respectively. The two worst performing LQ45 stocks were PT Merdeka Battery Materials (MBMA), which lost 5.45 percent, and PT Amman Mineral Internasional (AMMN), which declined by 4.46 percent.
Investment consultant BRI Danareksa Sekuritas recently slashed its year-end forecast for the IDX Composite. The company previously predicted that the Composite would hit 8,238 by the end of December, but its recent prediction went down to 7,448.
Researchers at the consulting firm said the earnings per share (EPS) forecast for the IDX declined from 7 percent to 2.4 percent. They attributed this decline to the underperformance of sectors that focus on the domestic market, namely consumer goods and retail.
However, BRI Danareksa Sekuritas researchers said seasonal factors during the fourth quarter could bring a slight “breeze” to the underperforming sectors. These factors included social aid (bansos), political spending for the regional head elections and high crude palm oil prices.
