Jakarta Stock Exchange Opens Higher at 7,229 Despite Trading Suspensions on CDIA and COIN
Main Takeaways
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JAKARTA, Investortrust.id — Indonesia’s benchmark Jakarta Composite Index (IHSG) opened sharply higher on Thursday, rising 37.24 points or 0.52% to 7,229, driven by broad-based gains across major sectors despite trading suspensions on two of the market’s most volatile stocks.
The technology sector led the rally with a 2.99% jump, followed by financials, infrastructure, non-primary consumer goods, energy, property, and healthcare stocks.
Shares of PT Argo Pantes Tbk (ARGO) immediately hit the upper trading limit, known as auto reject atas (ARA), surging 24% to Rp 1,395. PT Merry Riana Edukasi Tbk (MERI) followed suit with a 25% gain to Rp 505, and PT Super Energy Tbk (SURE) rose 25% to Rp 3,750. In contrast, shares of MFIN, INRU, and SCMI opened lower. Meanwhile, shares of PT Citra Daya Indotama Tbk (CDIA) and PT Coin Digital Indonesia Tbk (COIN) were suspended from trading as of Thursday.
The gains followed a strong close on Wednesday, when the IHSG jumped 51.55 points or 0.72% to finish at 7,192, after Bank Indonesia cut its benchmark interest rate by 25 basis points to 5.25%. However, foreign investors remained net sellers, offloading Rp 1.09 trillion worth of shares. The biggest outflows were recorded in shares of Bank Mandiri (BMRI) at Rp 797.26 billion, Bank Central Asia (BBCA) at Rp 316.44 billion, and Bank Amar Indonesia (AMAR) at Rp 144.44 billion.
Tech Rally Lifts Broader Index
Technology shares surged by 6.09% on Wednesday, while infrastructure gained 1.82% and transport advanced 2.36%. Energy, industrial, financial, and health sectors also rose, with gains ranging from 0.16% to 1.74%. Only the primary consumer sector declined slightly by 0.08%.
Stocks that hit the ARA limit included CDIA, up 24.80% to Rp 780; COIN, rising 24.74% to Rp 474; and PT Blog Teknologi Tbk (BLOG), up 24.79% to Rp 755. MERI, NRCA, ARGO, and EDGE all gained over 24%, while PT DCI Indonesia Tbk (DCII) surged nearly 20% to Rp 186,050.