Indonesia’s stock market experienced a significant boost over the past week, with its market value increasing by Rp409 trillion ($22.7 billion). This surge was primarily fueled by strong performances in major banking stocks, leading the Jakarta Composite Index (JCI) to rise by 4.24%, closing at 6,175.5. Consequently, the total market capitalization of the Indonesia Stock Exchange increased to Rp10,749 trillion ($598.2 billion).
The impressive rally was spearheaded by substantial gains in the shares of Bank Mandiri, Bank Central Asia, and Bank Rakyat Indonesia, which collectively played a pivotal role in driving the benchmark index higher. Additionally, other large corporations such as Telkom Indonesia, Astra International, and Amman Mineral Internasional also contributed to the overall market upswing.
During this period, trading activity saw a marked increase, with the average daily trading value surging by over 36%. This heightened activity was notably reflected in certain individual stocks, with Asia Sejahtera Mina (AGAR) achieving the most remarkable performance, skyrocketing over 138%.
Other companies also experienced significant gains, including Prodia Diagnostic Line, First Media, and Multipolar Technology, which all recorded substantial share price increases. These collective gains underscore a robust week for the Indonesian stock market, driven by the strong performance of both financial and non-financial sectors.