IDX Composite soars by 1.3% in line with election optimism - Markets - The Jakarta Post

he Indonesia Stock Exchange (IDX) Composite (IHSG) jumped by 1.3 percent on Thursday to close at 7,303.28, because of market players’ optimism following the general election on Wednesday.

The total volume of stock transactions reached 21.26 billion shares, with a transaction value of Rp 16.64 trillion (US$1.06 billion). Out of these, 348 stocks experienced gains while 201 weakened and 227 remained unchanged.

Ten sectoral indices strengthened, with the raw goods sector experiencing the most significant increase of 2.38 percent. The primary consumer goods sector followed suit, rising by 2.08 percent. The infrastructure sector also jumped by 1.42 percent, while the property and real estate sector rose by 1.38 percent.

The financial sector surged by 1.30 percent, while non-primary consumer goods and transportation and logistics climbed by 0.79 percent each.

The health sector gained 0.41 percent, while the energy and industrial sectors saw increases of 0.11 percent and 0.04 percent, respectively. Only the technology sector saw a decrease, at 0.91 percent.

In line with the IHSG, the LQ45 index, which tracks the top 45 stocks by market capitalization, rose by 1.53 percent to 1,003.32 by the closing bell.

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PT Merdeka Battery Materials was the top gainer in the index, with a 7.20 percent increase. On the other hand, PT Kalbe Farma experienced the biggest loss, declining by 1.69 percent.

According to a research note published by the Lotus Andalan Sekuritas on Thursday, the stock market’s strength is highly influenced by the election results.

"In the first scenario, if the quick count results indicate a clear winner, then the IHSG has the potential to strengthen until the end of February 2024," the researchers said.

Historically, the IHSG’s movement has always been positive after the conclusion of presidential elections, including when Susilo Bambang Yudhoyono (SBY) and Joko “Jokowi” Widodo won their respective elections.

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2024-02-15 13:25:54Z