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IDX Composite Projected to Remain Sluggish After Eid

Despite the IDX Composite remaining sluggish following the Eid al-Fitr religious holiday, several bullish factors can potentially trigger a rebound for the stock market.

Tim Redaksi

16 Apr 2024 - 20.43
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IDX Composite Projected to Remain Sluggish After Eid

Employees observe stock price movements at Profindo Sekuritas in Jakarta on Wednesday (3/20/2024). Bisnis/Eusebio Chrysnamurti

Bisnis, JAKARTA — Trading on the Indonesia Stock Exchange (IDX) resumed on Tuesday (16/4/2024) following a week-long suspension during the Eid al-Fitr long holiday. The bourse’s composite index, the IDX Composite, is projected to remain sluggish immediately after the holiday, although bullish factors can still potentially emerge.

Head of research at Panin Sekuritas Nico Laurens wrote in his research that the IDX Composite will likely continue its weakening trend.

Several bearish sentiments for the index include recession in some countries and the rupiah’s depreciation in recent weeks. Meanwhile, he added, market participants are keeping a close eye on the Fed's signal for three rate cuts this year, after the US central bank decided to maintain interest rates at 5.25-5.5 percent earlier in March.

Investors are also monitoring oil price movements after Saudi Arabia, Russia, and other OPEC+ members said they would voluntarily extend production cuts until the second quarter of 2024. Additionally, investors remain cautious of the 2024 presidential election results, as disputes are still in the works toward resolution.

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