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IDX falters in 2024 as global markets soar to record highs
Amid sluggish performance, the Indonesia Stock Exchange (IDX) and regulators highlighted silver linings and expressed optimism for next year.
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Workers clean the logo of the Indonesia Stock Exchange (IDX) below a screen displaying the IDX Composite index at the bourse in Jakarta in October 2024. (Antara Foto/Aprillio Akbar)
A
stellar year for stock markets around the world has seen many indexes post double-digit growth to end 2024 near all-time highs, but not Indonesia’s.
The Indonesia Stock Exchange (IDX) Composite index did briefly join the global rally by reaching an all-time high in September but then lost momentum and closed the year lower than where it began, even after Donald Trump’s presidential election victory fueled bullish sentiment in the United States.
Despite the sluggish performance, the IDX and regulators highlighted some silver linings in an otherwise volatile year and expressed optimism for 2025.
The IDX Composite index closed at 7,079.91 points on Monday, the final trading day of the year, marking a 2.65 percent increase year-to-date (ytd).
By contrast, major indexes in the US, Japan and Hong Kong, namely the S&P 500, Nikkei 225 and Hang Seng, surged around 26 percent, 20 percent and 19 percent, respectively, over the same year.
Even within Southeast Asia, Indonesia lagged behind regional peers. Singapore, Vietnam and Malaysia recorded annual gains of 17.14 percent, 12.5 percent and 12.6 percent, respectively. The IDX outperformed only South Korea’s KOSPI, which saw a sharp downturn because of political turmoil following the brief imposition of martial law in December.
