Jakarta. The Indonesia Stock Exchange (IDX) witnessed a positive start to trading on Thursday, with the Composite Stock Price Index rising. The potential victory of presidential and vice-presidential candidates Prabowo Subianto and Gibran Rakabuming in a single round, as indicated by quick count results, is considered a contributing factor to the positive market sentiment.

As of the mid-day trading session, the IDX strengthened by 1.35 percent, reaching 7,307.

Stockbit Sekuritas indicates that based on various quick count results, the Prabowo-Gibran pair is projected to receive 57-59 percent of the votes in the 2024 Election. Meanwhile, according to the official count by the General Election Commission (KPU) as of Thursday morning, Prabowo-Gibran has garnered 56 percent of the votes, with 39.9 percent of the data counted.

"Although quick count results are not official, the significant vote difference indicates that the election is likely to conclude in a single round, potentially being positively received by the market and attracting inflows from foreign investors," wrote Edi Chandren, Lead Investment Analyst at Stockbit Sekuritas, in his analysis on Thursday.

NH Korindo Sekuritas recommends that investors and traders confirm the resilience of the support level at 7,200 and observe valid rebound potential before making comprehensive market decisions.

"The possibility of additional consolidation towards 7,100-7,050 is still viable until the IDX successfully breaks 7,300 to revisit the target 7,400 all-time-high area," stated the research.

In the early trading session today, the top five gainers in the stock market are Humpuss Maritim Internasional (HUMI) surging by 28.3 percent, Multikarya Asia Pasifik Raya (MKAP) rising by 14.4 percent, Pembangunan Perumahan (PTPP) strengthening by 12.2 percent, Mahaka Radio Integra (MARI) soaring by 12 percent, and Era Media Sejahtera (DOOH) boosted by 11.2 percent.
 

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