Jakarta Globe is reporting that the Composite Stock Price Index of the Indonesia Stock Exchange (IDX) recorded a 1.42-percent increase over the week, from January 29 to February 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 IDR 11,460-trillion from IDR 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 IDR 10.49-trillion from IDR 11.41-trillion.
Foreign investors on Friday recorded a net buy value of IDR 1.46-trillion with the total foreign net buy throughout the current year reaching IDR 10.6-trillion, according to Jakarta Globe, who add that with the upcoming general elections, scheduled for Wednesday, February 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, report Jakarta Globe.
Subsequently, in 2014, the IDX rose by 22.2-percent, and market capitalization grew by 23.9-percent. And, in 2019, IDX gained 1.7-percent, and market capitalization increased by 3.4-percent.
Meanwhile, ten 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, say Jakarta Globe, adding that this was followed closely by Charlie Hospital Semarang (RSCH) who 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.
Jakarta Globe say that 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.
Source: Jakarta Globe
Stock image by Gerd Altmann from Pixabay
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