jlk – The Composite Stock Price Index (CSPI) successfully ended this week with a slight increase of 0.11% or 7.94 points to the level of 7,381.90 on Friday (8/3).
Although it fluctuated throughout the day, the CSPI managed to stay in the green zone thanks to support from the financial sector, primary consumer goods, and transportation.
The financial sector contributed the most to the increase with an index rise of 0.62%.
This sector was supported by the positive performance of sharia bank stocks, especially PT Bank Syariah Indonesia Tbk (BRIS), which soared 4.84% to Rp 1,300 per share.
BRIS became the stock with the highest increase in LQ45, an index that contains 45 selected stocks.
According to Binaartha Sekuritas analyst Muhammad Nafan Aji, the increase in BRIS was triggered by positive sentiment from the planned merger between BRIS and PT Bank BTPN Syariah Tbk (BTPS).
“This merger is expected to improve operational efficiency, business synergy, and the market share of sharia banks,” said Nafan.
In addition to BRIS, other top gainers in LQ45 were PT Merdeka Copper Gold Tbk (MDKA), which rose 2.16% to Rp 2,370 per share, and PT Bukit Asam Tbk (PTBA), which rose 2.11% to Rp 2,900 per share.
MDKA received positive sentiment from the rise in gold prices in the global market, while PTBA enjoyed the increase in coal prices.
On the other hand, top losers in LQ45 were PT Merdeka Battery Materials Tbk (MBMA), which fell 5.31% to Rp 1,070 per share, and PT Mitra Adiperkasa Tbk (MAPI), which fell 4.80% to Rp 1,190 per share.
MBMA corrected after experiencing a significant increase earlier, while MAPI was burdened by a decline in revenue and net profit in 2023.
Overall, the stock trading volume on the exchange today reached 13.67 billion shares with a total value of Rp 13.07 trillion.
Foreign investors recorded a net selling action of Rp 1.01 trillion across all markets.
The CSPI recorded an increase of 1.18% throughout this week but still decreased by 0.23% since the beginning of the year.
Analysts estimate that the CSPI will move in the range of 7,300-7,400 next week.