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View all search resultsIDX rebounds after long holiday amid geopolitical jitters
Following the Nyepi-Lebaran long holiday, the bourse resumed trading on March 25 with a positive tone that was mirrored by regional markets on investor sentiment buoyed by reports that Washington was exploring diplomatic channels for de-escalation with Tehran.
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A woman walks past an electronic information display showing stock movements on March 14, 2024, at the Indonesia Stock Exchange (IDX) in Kebayoran Baru, South Jakarta. (AFP/Bay Ismoyo)
T
he Indonesia Stock Exchange (IDX) Composite index rose 2.75 percent to 7,302.12 points on Wednesday, the first trading day after the long holiday for Nyepi (Day of Silence) and Idul Fitri, marking a rebound from its previous bearish trend amid a cautious stance shaped by global conditions.
Among the day’s top gainers was diversified conglomerate Astra International, whose shares rose 13.8 percent, followed by mining companies Bumi Resources and Amman Mineral Internasional, up 9.7 percent and 8.6 percent, respectively.
The biggest loser was state-owned lender Bank Negara Indonesia (BNI), whose shares fell 8 percent.
Sectoral gains were led by the industrials sectors at 5.98 percent, followed by the energy sector at 5.15 percent and consumer cyclicals at 3.84 percent.
At the opening bell, the benchmark index slipped to 7,084.62 from its previous close of 7,106.83, reflecting initial selling pressure as markets adjusted to accumulated global sentiment during the holiday break. The index quickly reversed course, however, surging 1.3 percent to 7,199.19 by the end of the first trading session.
Read also: Crude tumbles, stocks rally on hopes for Iran war de-escalation
Nafan Aji Gusta, senior technical analyst at Mirae Asset Sekuritas, said the IDX Composite’s rebound formed an upward bar pattern, suggesting that a near-term recovery was justified despite the possibility of downside pressure.
