Stock Market Reacts to Constitutional Court's Election Verdict: Key Stocks to Watch

The Constitutional Court’s verdict on the presidential election dispute is poised to catalyze the IDX Composite and stocks affiliated with winning pair Prabowo Subianto and Gibran Rakabuming Raka.

Dionisio Damara & Rizqi Rajendra

23 Apr 2024 - 19.15
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Stock Market Reacts to Constitutional Court's Election Verdict: Key Stocks to Watch

Several Constitutional Court judges were holding a hearing on the 2024 Presidential Election dispute on Monday, April 22 2024./Bisnis.

Bisnis, JAKARTA—On Monday (4/22/2024), the Constitutional Court announced its decision regarding disputes over the 2024 presidential election. The court’s decision will likely affect the performance of various stocks, which will become a consideration for market actors when determining investment strategies.

The decision was regarding case No. 1/PHPU.PRES-XXII/2024 and No. 2/PHPU.PRES-XXII/2024 filed by candidate pair Anies Baswedan–Muhaimin Iskandar and Ganjar Pranowo–Mahfud MD, respectively.

Senior Investment Information at Mirae Asset Sekuritas Nafan Aji Gusta said that IDX Composite’s movement today was relatively counterproductive compared to the performance of other regional stock exchanges.

"The IDX Composite is relatively counterproductive compared to the movement in other regional Asian stock exchanges, which have experienced a technical rebound after a sell-off last week," Nafan told Bisnis on Monday (4/22/2024).

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