Indonesia's Stock Exchange (IHSG) Strengthens After Biden Withdraws from US Presidential Election (Monday, July 22, 2024)
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The Jakarta Composite Index (IHSG) strengthened by 0.38% to 7,321.98 at the close of trading on Monday (July 22, 2024).
According to Pilarmas Investindo Sekuritas, the index's strengthening was influenced by market players' response to US President Joe Biden's withdrawal from the 2024 US Presidential election race.
"This may result in some short-term shocks, due to an unusual political context," said the Pilarmas Investindo Sekuritas team, as reported by *Katadata*, Monday (July 22, 2024).
Based on the IDX-IC Sectoral Index, seven stock sectors rose today. The energy sector led with a 1.51% increase, followed by the industrial and transportation sectors, which rose by 1.30% and 1.04%, respectively.
Meanwhile, four other stock sectors were corrected. The basic materials sector fell the most, by 0.37%, followed by the health and consumer staples sectors, which fell by 0.31% and 0.07%, respectively.
According to RTI Business data, the frequency of stock trading on the domestic exchange today was 974,740 transactions.
A total of 16.13 billion shares changed hands, with a total transaction value of approximately Rp 8.45 trillion.
318 stocks closed higher today, 265 stocks weakened, and 212 stocks were stagnant.
Today's top gainers were DIVA, which soared 34.83%, followed by GEMS and IOTF, which rose 19.76% and 19.23%, respectively.
On the other hand, the stock with the code PTMP became the top loser after plunging 33.75%, followed by ISEA and BIKE, which fell by 25% and 9.9%, respectively.
Unlike the IHSG, regional Asian stock exchanges generally parked in the red zone. The Nikkei index weakened by 1.16% to 39,599, the Shanghai index weakened by 0.61% to 2,964.21, the Strait Times index weakened by 0.30% to 3,437.26, while the Hang Seng index strengthened by 1.15% to 17,635.88.
"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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