IDX Opens Voice Regarding JCI In The Middle Of Announcement Of Election Results By KPU

JAKARTA - The Indonesia Stock Exchange (IDX) opened its voice regarding the movement of the Composite Stock Price Index (JCI) during the results of the General Election (Pemilu) vote recapitulation by the General Election Commission (KPU).

For information, on Wednesday, March 20, 2024, the JCI closed slightly down 0.08 percent to IDR 7,331.13. Although the JCI still survived at the psychological level of 7,300, it had touched a psychological level of 7,200 at the beginning of the first session today.

Meanwhile, as officially announced on Thursday 21 March 2024 trading, the JCI strengthened 43.60 points or 0.59 percent to 7,374.737 at 09.10 WIB this morning.

IDX President Director Iman Rachman sees that the JCI movement is a normal adjustment because it is influenced by several internal and external factors.

"Yesterday, the last week, when we went up, we understood that today the adjustment was normal. Because if we look at it, the valuation per year is good compared to the global one," said Iman to reporters in Jakarta, Wednesday, March 20, 2024.

Iman said that this decline was driven by the realization of profits ahead of the dividend distribution date of financial issuers. So that it has a considerable influence on the JCI movement.

"Banking has distributed dividends. I see that some of them also have that factor, that when they want to catch up to the law, they compete to have a lot, because banks love dividends quite well," he said.

According to Iman, one of the largest contributors to the Exchange is in the financial sector. In this sector, most banking issuers have distributed dividends.

"After there is no dividend, the price is adjusted, someone wants to monetize their investment. This transaction is normal, don't let investors be afraid to go down because waiting for the election results plus a demonstration," said Iman.

Meanwhile, IDX Director of Trade and Member Regulation Irvan Susandy said that investors had tended to wait and see the results of the 2024 General Election.

"Investors are still waiting and see for the election results which hopefully will be announced today and what kind of impact we are frankly hoping that everything will be fine so that our market or our investors can also be active again," he said.

In addition to the election, Irvan said there are several other factors, namely the JCI rally which has been quite long so it is time to realize profits and corporate actions.

"So now maybe investors are realization of profits, then after corporate action, some issuers have experienced a decline in prices. After that, the announcement of the election results," he explained.

Irvan added, IDX hopes that after the election everything will be fine, so that investors can return to transactions.

For information, the total volume of stock trading on the IDX on Wednesday reached 19.67 billion with a transaction value of IDR 10.35 trillion.

Meanwhile, as many as 213 stocks were appreciated, 296 stocks were depreciated, and 261 stocks were stagnant. Meanwhile, sectorally, the energy sector was the largest suppressor of the JCI at the end of trading today, reaching 3.14 percent.

Although the JCI weakened, foreign investors recorded a net buy of IDR 354.40 billion in yesterday's trading, Wednesday, March 20, 2024. Therefore, the accumulation of foreign net buys in the past week reached IDR 8.25 trillion on the IDX.