Indonesia Stock Market Witnesses Positive Momentum Ahead of Elections
Jakarta. The Composite Stock Price Index of the Indonesia Stock Exchange (IDX) recorded a 1.42 percent increase over the week, from Jan. 29 to Feb. 2, 2024, reaching 7,238.7 compared to the previous week's closing at 7,137. The market capitalization of the IDX also saw a 1.01 percent rise to Rp 11,460 trillion from Rp 11,345 trillion.
The average daily trading volume for the week saw a 10.7 percent increase, reaching 17.23 billion shares compared to the previous week's 15.56 billion shares. However, the average daily transaction frequency decreased by 1.1 percent to 1,114,490 transactions from 1,127,246 transactions. Similarly, the average daily transaction value dropped by 8 percent, amounting to Rp 10.49 trillion from Rp 11.41 trillion.
Foreign investors on Friday recorded a net buy value of Rp 1.46 trillion. Thus, the total foreign net buy throughout the current year reached Rp 10.6 trillion.
With the upcoming presidential and vice-presidential elections, scheduled for Wednesday, Feb. 14, 2024, investors are closely monitoring market trends. Historical data indicates the index and market have consistently grown in each election year.
In 1999, the index surged by 70 percent, and market capitalization soared by 157.1 percent. 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.
Meanwhile, 10 stocks recorded substantial gains, ranging from 18 percent to 38 percent during the week. Based on Indonesia Stock Exchange (IDX) data, shares of Maja Agung Latexindo (SURI) achieved the highest gain at 38.7 percent.
Following closely, shares of Charlie Hospital Semarang (RSCH) recorded a 34.3 percent increase, Pulau Subur (PTPS) at 33.3 percent, Mineral Sumberdaya Mandiri (AKSI) at 32.3 percent, and Sumber Sinergi Makmur (IOTF) at 30.2 percent.
Other notable gainers included Sejahteraraya Anugrahjaya (SRAJ) at 29.5 percent, Fortune Indonesia (FORU) at 24.4 percent, J Resources Asia Pasifik (PSAB) at 23.5 percent, Kota Satu Properti (SATU) at 20.3 percent, and Rig Tenders Indonesia (RIGS) at 18.2 percent.
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