Indonesia Stock Market Ends Higher on Friday

Indonesia's Jakarta Stock Exchange added 0.42% at the close on Friday, led by gains in the energy, utilities, and property sectors. Raharja Energi Cepu Tbk Tbk Pt (JK:RATU) rose 24.71%, Indo Straits Tbk (JK:PTIS) added 24.35%, and Asia Sejahtera Mina Tbk (JK:AGAR) gained 24.27%. Crude oil for March delivery was up 0.68% to $78.38 a barrel, while Brent oil rose 0.57% to $81.75 a barrel. USD/IDR was up 0.20% to 16,353.50.

The Indonesian Stock Exchange (IDX) added 0.42% at the close on Friday, with the energy, utilities, and property sectors leading the way. Raharja Energi Cepu Tbk Tbk Pt (RATU), Indo Straits Tbk (PTIS), and Asia Sejahtera Mina Tbk (AGAR) were the top performers, rising 24.71%, 24.35%, and 24.27%, respectively (1).

The surge in Indonesian stocks was supported by a rise in crude oil prices. Crude oil for March delivery was up 0.68% to $78.38 a barrel, while Brent oil rose 0.57% to $81.75 a barrel (1). The stronger oil prices positively impacted the energy sector, contributing to the overall gain in the IDX.

The property sector also performed well, with RATU, PTIS, and AGAR being notable gainers. The utilities sector, which includes electricity, gas, water, and other essential services, also contributed to the overall gain in the IDX.

The gains in the energy, utilities, and property sectors were broad-based, with 344 stocks rising and 304 declining. The worst performers were Sarana Mitra Luas Tbk PT (SMIL), Raja Roti Cemerlang Tbk Pt (BRRC), and Geoprima Solusi Tbk PT (GPSO), which fell 30.43%, 25.00%, and 24.87%, respectively (1).

The Indonesian Stock Exchange has been on an upward trend in recent weeks, with the IDX Composite index rising by 168.38 points or 1.02% since the beginning of the year (2). The strong performance of the Indonesian stock market is a positive sign for the country's economy, which is expected to grow by 4.8% in 2023 (3).

References:

1. Investing.com. (2023, February 17). Indonesia stocks higher at close of trade, IDX composite index up 168.38 points. https://www.investing.com/news/stock-market-news/indonesia-stocks-higher-at-close-of-trade-idx-composite-index-up-168-3813388
2. Investing.com. (2023). Indonesia Stock Market (IDX). https://au.investing.com/indices/idx-composite
3. World Bank. (2023). Indonesia. https://www.worldbank.org/en/country/indonesia/overview