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IDX Composite wraps up week in green
The IDX Composite closed the week on Friday up 0.66 percent, and an MNC Sekuritas analyst says the index could strengthen further if it stays above the 6,931 support level.
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A ticker display on the trading floor of the Indonesia Stock Exchange (IDX) in Jakarta shows stock prices on Jan. 2, 2025. The IDX Composite rose 0.66 percent on Jan. 17 to close the week at 7,154.66. (Antara Foto/Hafidz Mubarak A)
The Indonesia Stock Exchange (IDX) Composite index closed 0.66 percent higher on Friday to close at 7,154.66.
The day’s total trading volume reached 21 billion shares with a transaction value of Rp 11.2 trillion (US$683.7 million). Of the 806 stocks traded, 240 increased, 330 declined and 236 remained unchanged.
Seven of the 11 sectoral indices posted gains, led by the non-primary consumer goods rising 2.17 percent, followed by the property and real estate sector gaining 1.74 percent. The technology sector rose 1.25 percent while the energy sector ticked up 0.79 percent.
Among the sectors that posted declines, the transportation and logistics sector suffered the most with a drop of 0.78 percent. The health sector fell 0.77 percent and raw materials lost 0.41 percent, while infrastructure dipped 0.09 percent.
The LQ45 index mirrored the performance of the broader market, increasing 0.53 percent to 832.28. Top LQ45 gainers were PT GoTo Gojek Tokopedia (GOTO) with 5 percent, PT Charoen Pokphand Indonesia (CPIN) with 2.87 percent and PT Telkom Indonesia (TLKM) with 2.70 percent.
PT Indosat (ISAT) led losers with a drop of 2.98 percent, followed by PT Sarana Menara Nusantara (TOWR) with a decline of 2.94 percent and PT Bukalapak.com (BUKA) down 2.48 percent.
Herditya Wicaksana, retail research head at MNC Sekuritas, projected the IDX Composite would remain bullish as long as it stayed above the support level.
"As long as the IDX Composite remains above the 6,931 support level, it still has the potential to strengthen to the 7,227 to 7,305 level," Herditya said in Jakarta before the market closed on Friday, as quoted by Antara.
In line with this outlook, he recommended investors to consider stocks from the basic materials sector, including PT Merdeka Copper Gold (MDKA), PT Indah Kiat Pulp & Paper (INKP) and PT Timah (TINS).
As for the global view, Herditya said market participants were awaiting a decision by the United States Federal Reserve during the Federal Open Market Committee’s Jan. 28-29 meeting.
"For the Fed in January 2025, it is still likely to maintain its benchmark interest rate, with the probability of a rate cut in June 2025," he said.
