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View all search resultsConglomerate stocks drive IDX to fresh historic high
Bank Mandiri chief economist Andry Asmoro wrote in a market analysis on Thursday that the trend was driven by “improving expectations” for an interest rate cut by the Fed in December.
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A trading screen installation on Dec. 3 in the middle of Indonesia Stock Exchange's (IDX) main hall in Central Jakarta. (JP/Deni Ghifari)
T
he Indonesia Stock Exchange (IDX) Composite Index hit a new all-time high on Friday, driven by conglomerate-owned portfolios as traditional blue-chip stocks continued their downward trend.
The index closed at an all-time high of Rp 8,640 (US$0.52) on Thursday, a 0.33 percent increase from the opening price. It strengthened further to Rp 8,683 during Friday’s morning trading session before easing to Rp 8,656 by the lunch break.
Most Asian markets were in buoyant territory on Friday as investors braced for a pivotal United States inflation reading that could tip the scales within a deeply divided Federal Reserve.
Japan stood out as the lone laggard. The Nikkei 225 slipped 1.3 percent after weaker-than-expected household spending data highlighted how inflation continues to squeeze consumers, reinforcing market bets on a possible rate hike later this month.
Across the region, sentiment remained upbeat, with the MSCI Asia-Pacific index excluding Japan up 0.4 percent and on track for a solid 1 percent weekly gain.
Read also: Japan's Nikkei skids in subdued Asia as bets of rate hike grow
The IDX daily market report revealed that shares of PT Dian Swastika Sentosa (DSSA), PT United Tractors (UNTR) and PT MD Entertainment (FILM) were the main drivers of Thursday’s surge, gaining 1.74 percent, 6.88 percent and 7.16 percent in market capitalization, respectively. DSSA is part of the Sinar Mas Group, while UNTR is a subsidiary of the Astra International conglomerate.
