Indonesia's IDX Market Capitalization Surpasses Rp9 Quadrillion; These Stocks Are the Drivers

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Viva Budy Kusnandar 19/05/2022 10:40 WIB

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The surge in several blue-chip stocks pushed the Indonesian Stock Exchange's market capitalization back above Rp9 quadrillion on May 18, 2022.

Indonesia Stock Exchange Market Capitalization (April 28 - May 18, 2022)

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Indonesia Stock Exchange Market Capitalization (April 28 - May 18, 2022)

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The rise in prices of large-capitalization stocks fueled the movement of the Jakarta Composite Index (JCI). On Wednesday (18/5/2022), the JCI closed up 18.947 points (2.24%) to 6,793.41.

The surge in several blue-chip stocks pushed the market capitalization of the Indonesia Stock Exchange (IDX) back above Rp9 quadrillion. This value was achieved for the first time in the last four days, as seen in the graph.

Previously, Jakarta's market capitalization had fallen due to selling pressure after the long Eid al-Fitr 2022 holiday. The exchange's capitalization even shrank to Rp8.65 quadrillion on Thursday of the previous week (12/5/2022).

Stocks Driving the JCI

Several large-capitalization stocks drove the JCI's rise, including Goto Gojek Tokopedia Tbk (GOTO).

GOTO received buying support from investors and surged Rp48 (24%) to Rp248 per share at the close of Wednesday's trading (18/5/2022).

GOTO's market capitalization immediately rose to Rp294 trillion from Rp236 trillion the previous trading day.

This pushed GOTO back into the top 5, displacing PT Astra International Tbk (ASII) to 6th place with a capitalization of Rp287 trillion.

Another large-capitalization stock that contributed to the JCI's increase was PT Bank BCA Tbk (BBCA).

Its share price closed up Rp175 (2.36%) to Rp7,575 per share. As a result, BBCA's market capitalization also increased to Rp924 trillion from Rp903 trillion.

Then, shares of PT Telekomunikasi Indonesia (TLKM) also rose Rp70 (1.67%) to Rp4,250 per share.

The market capitalization of the state-owned telecommunications company rose again to Rp668 trillion from Rp414 trillion.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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