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IDX Composite declines slightly after strong rallies
The IDX Composite index closed 0.18 percent lower on Thursday. Still, analysts remain optimistic about a potential year-end rebound despite the pullback.
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An employee walks past a giant monitor showing the fluctuations of the Composite Index (IDX) on Aug. 5, 2024, at the Indonesia Stock Exchange in Jakarta. The IDX Composite index closed 0.18 percent lower, at 7,313.31 on Dec. 5, 2024. (Antara/Dhemas Reviyanto)
T
he Indonesia Stock Exchange (IDX) Composite index closed in the red zone on Thursday, dropping by 0.18 percent to 7,313.31. This follows two days of strong rallies, with sectoral performance remaining mixed across the board.
Total trading volume for the day reached 15.25 billion shares, valued at Rp 9.16 trillion (US$557.34 million). Of the 794 stocks traded, 287 declined, 300 increased and 203 remained unchanged.
Among the 11 sectoral indices, the finance sector took the hardest hit, dropping by 0.92 percent, followed by the technology sector, which declined by 0.23 percent, and the primary consumer goods sector, which fell by 0.08 percent.
On the upside, the property sector led the gains, rising 0.68 percent, followed by the energy sector, which increased 0.49 percent, and the infrastructure sector, which rose 0.46 percent.
The top gainers in the LQ45 were PT Dayamitra Telekomunikasi, which rose by 6.45 percent, followed by PT AKR Corporindo, up 3.54 percent, and PT Adaro Mineral Indonesia, which gained 3.53 percent.
On the downside, PT Bank Mandiri led the losses in the LQ45 with a 3.53 percent decrease. Other major decliners include PT Bank Negara Indonesia, which fell by 2.63 percent, and PT Telkom Indonesia, which dropped by 2.46 percent.
Despite the decline, analysts remain optimistic for the remainder of the year.
Yugen Bertumbuh Sekuritas chief executive officer William Surya Wijaya said the recent pullback could present a buying opportunity, as the IDX Composite still holds potential for a rebound.
"The IDX Composite still has great potential to increase again until the end of the year, the opportunity for minor correction can still be used to accumulate purchases," he said, as quoted by metrotvnews.com.
