Jakarta. The Indonesia Stock Exchange (IDX) has announced that the day of the 2024 elections, scheduled for Feb. 14, will be designated as a stock market holiday.

According to Iman Rachman, the President Director of BEI, this decision is in accordance with Law Number 7 of 2017 concerning General Elections, which specifies that voting takes place simultaneously on a national holiday or a day nationally declared as a holiday.

"Thus, it is hereby announced that Feb. 14, 2024, is declared a stock market holiday," Iman said on Monday.

This year's election will be participated by a staggering 204,807,222 eligible voters. To win in a single-round election, a presidential candidate must garner support from 102.5 million voters.

In the event of a two-round election, the KPU would initiate a second campaign period for the two candidates who qualify for the runoff, spanning from June 2 to June 22, 2024. The second round of voting is scheduled for June 26, 2024.

Nearing the election, the Composite Stock Price Index recorded a 1.42 percent increase over the week, from Jan. 29 to Feb. 2, 2024, reaching 7,238.7. 

As the upcoming elections are set to coincide with Valentine's Day, investors are closely observing market trends. Historical data reveals a consistent pattern of growth in the index during each election year.

In 2004, the index jumped by 44.5 percent, and market capitalization rose by 47.7 percent. In 2009, the index strengthened by 86.9 percent, and market capitalization increased by 87.5 percent.

Subsequently, in 2014, the IDX rose by 22.2 percent, and market capitalization grew by 23.9 percent. Finally, in 2019, IDX gained 1.7 percent, and market capitalization increased by 3.4 percent.
 

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