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IDX Composite jumps 2.9% as banking stocks rally
The IDX Composite surged 2.9 percent on Monday, driven by gains in banking stocks as investors anticipated dividend announcements from state-owned banks.
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Sharp rebound: A screen at the Indonesia Stock Exchange (IDX) in Jakarta shows stock quotes on Jan. 2, 2025. The IDX Composite surged 2.9 percent to close at 6,830.88 on Monday. (Antara Foto/Hafidz Mubarak A)
The Indonesia Stock Exchange (IDX) Composite index rebounded sharply on Monday, surging by 2.9 percent to close at 6,830.88.
Total trading volume reached 18.99 billion shares, with a transaction value of Rp 11.33 trillion (US$694 million). Out of the 792 stocks traded, 411 advanced, 192 declined and 189 remained unchanged.
Nine of the 11 sectoral indices closed in positive territory. The basic materials sector recorded the largest percentage gain, rising by 3.67 percent, followed by the energy sector, which increased by 3.3 percent. On the other hand, the consumer discretionary and consumer staples sectors both edged down by 0.1 percent each.
The LQ45 index climbed by 2.95 percent to 964.23. The top gainers were PT Merdeka Copper Gold (MDKA), which soared 9.09 percent, PT Barito Pacific (BRPT), which jumped by 7.41 percent and PT Vale Indonesia (INCO), which advanced 6.83 percent.
On the 45-stock index downsides, PT Sumber Alfaria Trijaya (AMRT) declined by 2.47 percent, PT Unilever Indonesia (UNVR) lost 1.71 percent and PT Map Aktif Adiperkasa (MAPA) slipped by 1.18 percent.
State-owned banking stocks like PT Bank Mandiri (BMRI) and PT Bank Rakyat Indonesia (BBRI), as well as private bank PT Bank Central Asia (BBCA), played a significant role in lifting the index.
The rally in state-owned banks came ahead of their scheduled annual general meeting of shareholders (AGM) in March, where dividend distributions for the 2024 fiscal year are expected to be announced.
Looking ahead, domestic market sentiment will be shaped by key economic data releases, including Bank Indonesia’s interest rate decision, and banking credit growth. Externally, investors are watching the United States Federal Reserve’s latest meeting minutes, which could signal a more hawkish stance.
