Indonesia’s Composite Stock Price Index (IHSG) recorded a significant gain on Tuesday, 20 October, closing at 5,278.89, up 282.28 points or 5.65% from the previous close.

The increase exceeded the index’s gain at the end of the morning trading session, when the IHSG rose 4.15%, or 208.02 points, to 5,024.63.

Indonesia’s capital market had previously faced significant pressure amid concerns over a potential change to its global index classification by Morgan Stanley Capital International (MSCI). The IHSG opened at 4,980.16, which was also its lowest level during the trading session. However, the index subsequently moved higher and continued to strengthen through the close.

Total trading value reached IDR 26.54 trillion. Alongside the IHSG’s gains, several stocks recorded significant increases and ranked among the day’s top gainers. The index’s recovery came amid net foreign selling of more than IDR 2 trillion. Shares of PT GoTo Gojek Tokopedia Tbk (GOTO) and PT Bumi Resources Tbk (BUMI) recorded the highest trading volumes.

Foreign investors recorded net selling of IDR 2.19 trillion during Tuesday’s session. On a year-to-date basis, cumulative net foreign selling reached IDR 92.11 trillion.

GOTO was the most actively traded stock by volume, with 8.54 billion shares changing hands, accounting for approximately 15.57% of total share volume. BUMI followed with 7.63 billion shares, representing 13.92%.

Other stocks among the ten most actively traded by volume included PT Darma Henwa Tbk (DEWA), with 1.93 billion shares; PT Bakrie & Brothers Tbk (BNBR), with 1.91 billion shares; and PT Petrindo Jaya Kreasi Tbk (CUAN), with 1.23 billion shares.

By transaction value, shares of PT Bank Central Asia Tbk (BBCA) led the market at IDR 6 trillion, equivalent to 22.68% of total stock trading value. PT Bank Rakyat Indonesia Tbk (BBRI) followed with IDR 1.88 trillion, while PT Bank Mandiri Tbk (BMRI) recorded IDR 1.43 trillion.

Shares of PT Telkom Indonesia Tbk (TLKM) also saw substantial trading activity, with a transaction value of IDR 1.34 trillion. BUMI recorded a transaction value of IDR 967 billion.

In terms of transaction frequency, BBCA ranked first with 165,220 transactions. BBRI followed with 116,823 transactions, while BUMI recorded 93,213 transactions.

This article is published in partnership with Katadata     

Original article here