Analyst: Conglomerate Stocks Underpin IHSG Gains

The main support still comes from the commodity sector and conglomerate stocks with significant weight in the IHSG. Jakarta (ANTARA) - Market analyst Reydi Octa explained that conglomerate stocks and commodity sectors have supported the strengthening of the Indonesian Stock Exchange Composite Index (IHSG) today. The IHSG rose 79.59 points, or 1.30%, to 6,209.78 during the second session on Friday at 2:15pm WIB. “The main support still comes from the commodity sector and conglomerate stocks with significant weight in the IHSG, which contributed positively to today’s index gains,” Reydi told ANTARA in Jakarta on Friday. Reydi explained that the IHSG’s rise was driven by a combination of technical factors and improved global sentiment following reduced investor concerns over external issues. “Domestically, the market also took advantage of the attractive valuations of large-cap stocks after they had faced significant selling pressure previously,” Reydi said. Meanwhile, he noted foreign investors remain cautious and selective, closely monitoring rupiah stability, interest rate trends, and developments in Indonesia’s capital market policies and reforms. “Therefore, foreign capital inflows have not yet returned to aggressive levels,” Reydi added. In the short term, Reydi projects the IHSG could continue to rebound if global sentiment remains favourable and foreign selling pressure eases. “However, gains may still be limited as the market remains weighed down by rupiah depreciation and external uncertainties,” he added. The IHSG rose 79.59 points, or 1.30%, to 6,209.78 during the second session at 2:15pm WIB on Friday (29 May). Share trading frequency recorded 1,495,947 transactions involving 23.73 billion shares worth Rp17.68 trillion. According to the IDX-IC Sectoral Index, seven sectors gained, led by the basic materials sector up 3.79%, followed by energy and infrastructure sectors rising 2.72% and 2.52% respectively. Four sectors declined, with property down 0.26% the most, followed by financials and healthcare sectors falling 0.24% and 0.03% respectively. The top gainers were BREN, CUAN, BHAT, BUVA, and BRPT, while the biggest losers were ASPR, MGNA, UNIC, PMUI, and TALF.