jlk – The Composite Stock Price Index (IHSG) once again set an all-time high (ATH) record on Friday’s trading session (8/3/2024).
The IHSG closed up by 0.11% or 7.94 points to the level of 7,381.90, surpassing the previous record at 7,373.96 on Thursday (7/3/2024).
The strengthening of IHSG was driven by investor optimism regarding Indonesia’s economic prospects, especially after the government announced plans to increase the VAT rate to 12% starting next year.
This policy is expected to boost state revenue and reduce budget deficits.
Additionally, IHSG also received support from the positive performance of several large-capitalization or big-cap stocks, which carry significant weight in index calculations.
These stocks include banking, mining, and telecommunications shares.
According to RTI Business data, the most traded stock this afternoon was led by PT Bank Central Asia Tbk. (BBCA) with a transaction value of Rp 1 trillion.
BBCA stock observed a gain of 0.25% or 25 points to a price level of Rp 10,150 per share.
The second most traded stock this afternoon was PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI) with a transaction value of Rp 1 trillion.
BBRI shares also rose by 2.01% or 125 points to a level of Rp 6,350 per share. In the next position is PT Bank Mandiri (Persero) Tbk. (BMRI), which also experienced an increase of 0.35% to a level of Rp 7,125 per share. The transaction value of BMRI is recorded at Rp 778.5 billion this afternoon.
Among the big-cap issuers, PT Amman Mineral Internasional Tbk. (AMMN) saw a decline of 1.47% to Rp 8,375, while PT Astra International Tbk. (ASII) rose by 0.49% to Rp 5,150 per share.
Meanwhile, stocks that surged and entered the list of top gainers include PT Bank Mayapada Internasional Tbk. (MAYA) with a 23.48% increase to Rp 284, PT MNC Sky Vision Tbk. (MSKY) rose by 21.92% to Rp 89, and PT Timah Tbk. (TINS) increased by 20.66% to Rp 730 per share.
These stocks experienced significant increases due to positive sentiment from financial performance, business prospects, or corporate plans.
For example, MAYA stock rose because the bank recorded a net profit of Rp 1.02 trillion in the first half of 2024, a 1,200% increase compared to the same period last year.
MSKY stock rose because this pay-TV service provider recorded a revenue growth of 18.6% to Rp 1.15 trillion in the first half of 2024.
TINS stock rose because the world tin prices continued to rise due to high demand and limited supply.
Phintraco Sekuritas analysts stated that technically, IHSG was held at a strong resistance level at 7,375 after forming a rising window pattern, indicating the possibility of consolidation between 7,350-7.385. However, IHSG successfully broke the ATH record.
“Technically, the MACD indicator shows a golden cross signal and is validated by the expansion on the positive slope, while the Stochastic indicator tends to move up towards the oversold area. Thus, IHSG is expected to experience consolidation in the range of 7,350-7.385 on Friday,” wrote Phintraco Sekuritas analysts.