Election Uncertainties Impact IDX Composite’s Movement

The IDX Composite takes a downturn in the fourth week of January despite reaching an all-time high near the start of the year. Political dynamics ahead of the election are the main drivers of consolidative market movements.

Tim Redaksi

25 Jan 2024 - 19.25
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Election Uncertainties Impact IDX Composite’s Movement

Illustration - A resident was passing the Indonesian Stock Exchange logo recently./Bisnis

Bisnis, JAKARTA — Political dynamics leading up to the 2024 election are seeping into the capital market throughout the month. Several sectors continue to attract investors, especially those likely to benefit from the agendas of election candidate pairs.

The capital market started bullish this year, as reflected on the IDX Composite, which touched an all-time high earlier this month (1/4/2023) at 7,359.76. However, as the voting day approaches, market participants appear increasingly cautious, leading to a reversal in the index.

At Wednesday’s close of trading (1/24/2024), the IDX Composite closed at 7,227.82, reflecting a decrease of 0.39 percent from the previous close and down 0.62 percent year-to-date (YtD). The figure is 1.79 percent lower than its latest record high.

The 2024 election is not the sole factor behind the index's decline, but it remains one of the main drivers. Nafan Aji Gusta, Senior Investment Information at Mirae Asset Sekuritas, said the market will closely monitor election developments. 

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Election Uncertainties Impact IDX Composite’s Movement

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