Indonesia's Stock Exchange (IHSG) Weakens After Constitutional Court Rejects Presidential Election Dispute Lawsuit (Monday, April 22, 2024)

The Jakarta Composite Index (JCI or IHSG) weakened by 0.19% to 7,073.82 at the close of trading on Monday (April 22, 2024).

Today's stock decline occurred after the Constitutional Court (MK) rejected a lawsuit against the results of the 2024 Presidential Election.

"The IHSG weakened due to a wait-and-see attitude among market players regarding the results of the MK hearing on the 2024 Presidential Election dispute," said the Pilarmas Investindo Sekuritas Research Team, as reported by Antara, Monday (April 22, 2024).

Based on the IDX-IC Sectoral Index, six sectors experienced corrections today. The energy sector fell the most, by 0.69%, followed by the transportation and logistics sector and the infrastructure sector, which fell by 0.63% and 0.60%, respectively.

Meanwhile, five other sectors strengthened, led by the primary consumer goods sector, which rose 0.90%, followed by the property and technology sectors, which rose 0.79% and 0.30%, respectively.

According to RTI Business data, the frequency of stock trading on the domestic exchange today was 1.24 million transactions.

A total of 20.01 billion shares changed hands, with a transaction value of Rp 11.95 trillion.

206 stocks closed lower today, 272 stocks rose, and 205 stocks were stagnant.

The issuer with the code MHKI was today's top loser after plunging 25%, followed by GLVA and HILL, which fell by 22.48% and 21.62%, respectively.

On the other hand, today's top gainer was PYFA, which jumped 34.43%, followed by NFCX and POLU, which rose 25% and 24.87%, respectively.

Meanwhile, Asian regional stock exchanges closed mixed this afternoon. The Nikkei index rose 1% to 37,438.60, the Hang Seng index rose 1.77% to 16,511.68, the Shanghai index fell 0.67% to 3,044.60, and the Straits Times index rose 1.53% to 3,225.16.