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IDX Composite gains 0.74% on upbeat market sentiment
The IDX Composite index rose by 0.74 percent on Monday, driven by sectoral gains, strong consumer confidence and the start of window dressing.
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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 by 0.74 percent to close at 7,437.73 on Dec. 9, 2024. (Antara/Dhemas Reviyanto)
The Indonesia Stock Exchange (IDX) Composite index rose 0.74 percent on Monday to close at 7,437.73.
Overall, 330 stocks increased, 237 declined and 228 remained unchanged. The total trading volume was 29.95 billion shares, valued at Rp 44.51 trillion (US$2.9 billion).
Out of 11 sectoral indices, 10 experienced growth. The energy sector led the charge, rising by 2.12 percent, followed by the transportation sector, which increased by 1.34 percent, and the technology sector, which rose by 1.18 percent.
The health sector was the only one to end in the red, slipping by 0.09 percent.
The LQ45 index saw a strong performance, reflecting the broader market's positive trend. The top gainers on the LQ45 were PT Alamtri Resources (ADRO), which surged by 16.52 percent, PT Bukalapak.com (BUKA), which rose by 4.88 percent and PT Indofood Sukses Makmur (INDF), which gained 3.47 percent.
On the LQ45’s downside, PT Sumber Alfaria Trijaya (AMRT) led the losses, falling by 4.23 percent. It was followed by PT Mitra Adiperkasa (MAPI), which declined by 2.12 percent, and PT Amman Mineral Internasional (AMMN), which dropped by 2.10 percent.
Pilarmas Investindo Sekuritas attributed the positive movement to the beginning of the crescent window dressing effect, where investors typically make purchases ahead of year-end reporting.
"The momentum of window dressing and [the] Santa Claus rally are the considerations for market players to make buying actions," said Pilarmas in its research report on Monday, as quoted by investor.id.
Additionally, the market's positive tone was supported by a strong consumer confidence report from Bank Indonesia (BI), which showed the consumer confidence index (IKK) for November had risen to 125.9. The increase signals greater consumer optimism, which is expected to support domestic demand and economic growth.
However, Pilarmas noted that regional markets faced pressure from global geopolitical uncertainty. In particular, rising tensions in South Korea and the Middle East.
Disappointing economic data from China also kept investors cautious. China's inflation rate for November was below expectations, at just 0.2 percent, raising concerns about potential deflationary pressures and further slowing of the economy.
