Jakarta. The Indonesian Stock Exchange (IDX) reached a record high in market capitalization. According to trading data for May 13-17, 2024, market capitalization rose by 4.24 percent to Rp 12,420 trillion ($778.62 billion) from Rp 11,915 trillion the previous week.

The Jakarta Composite Index also saw an increase, climbing 3.22 percent to 7,317 from 7,088 at last week's close.

The average daily transaction value rose by 13.79 percent to Rp 13.48 trillion from Rp 11.85 trillion the previous week. Similarly, the average daily transaction frequency increased by 0.76 percent to 1.11 million transactions from 1.1 million transactions the previous week.

However, the average daily trading volume decreased by 1.34 percent to 18.74 billion shares from 18.99 billion shares the previous week.

On Friday, foreign investors recorded a net sell value of Rp 1.10 trillion, while throughout 2024, foreign investors have recorded a net buy value of Rp 1.49 trillion.

According to research by Pilarmas Investindo Sekuritas, the stock market's strength is attributed to the release of first-quarter company performance reports, which the market views as promising compared to previous quarters.

Additionally, market optimism is bolstered by the outlook for the new government. During the Economic Forum in Doha, Qatar, President-elect Prabowo Subianto expressed confidence in achieving economic growth of up to 8 percent within the first 2-3 years of his administration.

Prabowo also emphasized that his initial focus will be ensuring food availability for the population, followed by energy security and self-sufficiency. "This is undoubtedly the market's hope for a more prosperous Indonesia in the future," wrote Pilarmas.