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IDX Composite rises after US delays new tariffs policy

The IDX Composite rose by 0.62 percent on Tuesday after reports of the US postponing import tariffs for Canada and Mexico for one month. 

News Desk (The Jakarta Post)
Jakarta
Tue, February 4, 2025

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IDX Composite rises after US delays new tariffs policy Up at closing: A screen at the Indonesia Stock Exchange (IDX) in Jakarta shows stock quotes on Jan. 2, 2025. The IDX Composite Index closed 0.62 percent higher at 7,073.459 on Feb. 4, 2025. (Antara Foto/Hafidz Mubarak A)

The Indonesia Stock Exchange (IDX) Composite index closed 0.62 percent higher at 7,073.459 on Tuesday.

There were increases in nearly all sectoral indices. The basic materials sector recorded the biggest gain, which closed 2.1 percent higher. It was followed by the transportation and logistics sector that rose by 1.58 percent and healthcare sector that climbed 0.96 percent.

Meanwhile, the only sector in the red was the financial sector that declined by 0.44 percent.

The total market transaction volume reached 26.62 billion shares, with a transaction value of Rp 10.2 trillion (US$624.24). A total of 321 stocks rose, 257 declined and 221 remained unchanged.

In the LQ45 index, the top gainers were PT GoTo Gojek Tokopedia (GOTO) that surged 7.41 percent, followed by PT Semen Indonesia (SMGR) with a 4.35 percent increase and PT Kalbe Farma (KLBF) that climbed 4.17 percent.

On the other hand, the top losers were PT Adaro Minerals Indonesia (ADMR) that declined by 3.7 percent, PT Ciputra Development (CTRA), down 3.52 percent and PT Indah Kiat Pulp & Paper (INKP) that fell by 2.59 percent.

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The market gained momentum following reports that United States tariffs on Canadian and Mexican imports were postponed for one month for further discussion. The tariffs for Chinese goods, however, remain in effect.

Canadian Prime Minister Justin Trudeau announced that Canada would enhance border security to curb migrant crossings and drug smuggling, helping ease tensions with Washington.

Mexican President Claudia Sheinbaum also committed to deploy 10,000 troops to the United States and Mexico border to combat fentanyl trafficking.

"We had a good conversation with President Trump with much respect for our relationship and sovereignty," Sheinbaum said on social media platform X.

Domestically, the improved manufacturing activity also influenced the IDX Composite's gain on Tuesday. Indonesia's manufacturing sector showed strong performance, with the purchasing managers' index (PMI) for manufacturing rising to 51.9 in January 2025, up from 51.2 the month before.

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