The IDX Composite index rose sharply on Monday, up by 1.61 percent to close at 7,096.44. This marked a strong start to the week as market sentiment improved.
he Indonesia Stock Exchange (IDX) Composite index ended the trading session on a positive note on Monday by reentering the 7,000-level after it surged by 1.61 percent to finish at 7,096.44.
The index saw broad-based gains across all sectors, with the health sector leading the charge, jumping 2.79 percent. The non-primary consumer goods sector followed closely, rising by 2.58 percent, while infrastructure stocks climbed by 1.75 percent. Other sectors posting solid gains included primary consumer goods by 1.48 percent, financials by 1.45 percent and technology by 1.34 percent.
The raw materials sector gained 1.28 percent, followed by property and real estate at 0.97 percent, transportation and logistics at 0.63 percent and industrials at 0.53 percent. The only sector to register a loss was energy, which slipped 0.15 percent.
Total trading volume for the day reached 23.4 billion shares, with a transaction value of Rp 9.1 trillion (US$568.75 million). Of the 789 stocks traded, 326 increased, 251 declined and 212 remained unchanged.
The LQ45 index followed a broader market trend, jumping by 1.41 percent to close at 1,016.45. The top gainers in the LQ45 were PT Bank Jago (ARTO), which surged by 7.14 percent, PT Jasa Marga (JSMR), up 6.36 percent and PT Barito Pacific (BRPT), gaining 6.10 percent.
On the LQ45 downside, PT Adaro Minerals (ADMR) led the losses, falling by 2.61 percent, followed by PT Pertamina Geothermal Energy (PGEO), which dropped by 1.54 percent and PT AKR Corporindo (AKRA), which slipped 0.88 percent.
Despite Monday's positive movement, the IDX Composite was still down 2.23 percent for the week, and fell 2.42 percent year-to-date.
Market optimism was bolstered by expectations of a Santa Claus rally, a seasonal trend where stocks tend to perform well during the final week of December.
Mirae Asset Sekuritas market analyst Nafan Aji Gusta noted that this momentum could help the index recover from its recent declines and possibly finish the year in positive territory.
"IDX Composite has the potential to experience a Santa Claus rally and window dressing in the remaining days of this month so that December's performance can return to the positive zone. That way, IDX Composite can break the current negative trend," Nafan said, as quoted by bisnis.com.
He recommended retail investors look for accumulation opportunities in some LQ45 stocks that have been corrected throughout the year. Many of these stocks are currently undervalued, providing attractive entry points.
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