The IDX Composite index closed 0.41 percent lower on Friday with analysts remaining confident that the index has the potential to rebound despite the recent pullback.
he Indonesia Stock Exchange (IDX) Composite index ended the trading session on Friday in the red zone, dropping by 0.41 percent to 7,036.57.
Total trading volume reached 33.79 billion shares, valued at Rp11.78 trillion (US$750 million). A total of 322 stocks rose, while 251 declined and 222 remained unchanged. Despite some sectoral improvements, external factors appeared to strongly influence investor sentiment.
Seven of the 11 sectoral indices closed in positive territory. The transportation sector posted the largest percentage gain, rising by 1.17 percent. The health sector followed with a 1.01 percent increase, and the property sector rose by 0.77 percent.
On the downside, the technology sector recorded the steepest decline, falling by 2.42 percent, followed by the raw materials sector, which edged down 0.09 percent, and the financial sector, which lost 0.07 percent.
In the LQ45 index, PT Aneka Tambang led the gainers, up 6.27 percent, followed by PT Unilever Indonesia, which rose by 3.37 percent, and PT Perusahaan Gas Negara, which gained 2.91 percent.
On the losing side, PT GoTo Gojek Tokopedia led the decliners, dropping by 7.35 percent. It was followed by PT Amman Mineral Internasional, down 6.5 percent, and PT Mitra Adiperkasa, which lost 4.26 percent.
With only two days left of trading in 2024, analysts remain optimistic about the prospects of a year-end rally.
Yugen Bertumbuh Sekuritas chief executive officer William Surya Wijaya said the market's current weakness presented an opportunity for investors to accumulate shares at lower levels.
However, he emphasized that the IDX Composite index could face continued pressure due to external uncertainties.
"The IDX Composite still has great potential to increase again until the end of the year. The opportunity for minor corrections can still be used to accumulate purchases," he said, as quoted by cnbcindonesia.com.
Global economic developments largely influenced investor sentiment. On Thursday, China announced a major stimulus plan, including a 3-trillion-yuan ($411 billion) bond issuance for 2025.
This announcement and the World Bank's upward revision of China's gross domestic product growth projections have raised concerns about potential capital outflows from emerging markets like Indonesia. The World Bank now forecasts China's 2024 growth at 4.9 percent, up from the previous estimate of 4.8 percent, and 4.5 percent for 2025, up from 4.1 percent.
The market remains in wait-and-see mode, with investors looking for clarity on global developments as the year ends.
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