Sectoral Indices May See Rebound This Year, Analysts Say

Sectors that experienced corrections throughout 2023 have the potential to rebound this year, in line with expectations of a shift in the global economic direction, particularly central bank policies.

Annisa Kurniasari Saumi

8 Jan 2024 - 18.45
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Sectoral Indices May See Rebound This Year, Analysts Say

Illustration - An employee was observing the movement of the stock index at the Indonesia Stock Exchange (BEI) office recently./Bisnis-Eusebio Chrysnamurti.

Bisnis, JAKARTA — The stock market started 2024 with a splash, as evidenced by the IDX Composite reaching an all-time high. However, the market’s journey for this year is still long, and various possibilities remain open.

Last year, IDX Composite closed with a YtD (year-to-date) increase of 6.16% to the level of 7,272.80. With such a substantial gain, IDX Composite ranked second strongest in ASEAN.

Upon closer examination, last year's increase was supported by a handful of sectors. Out of the 11 sectoral indices on the exchange, only five closed the year in the green. The most substantial gain was recorded by the infrastructure sector, which surged by 80.75% YtD.

The rise in the infrastructure sector index was driven by two new entrants in the renewable energy sector, namely PT Barito Renewable Energy Tbk. (BREN) and PT Pertamina Geothermal Energy Tbk. (PGEO).

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Editor: Yusuf Waluyo Jati
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Sectoral Indices May See Rebound This Year, Analysts Say

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