IDX composite gains 0.57%, ends week on positive note
The banking sector, a key pillar of Indonesia’s economy, saw notable gains, driven by strong earnings reports and expectations of continued growth in credit demand.
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The banking sector, a key pillar of Indonesia’s economy, saw notable gains, driven by strong earnings reports and expectations of continued growth in credit demand.
Companies like Tokyo Electron and Advantest, which supply equipment and materials to the semiconductor sector, were among those that felt the impact of the initial sell-off.
The shift in investor focus is significant. Data from the Korea Securities Depository indicates that Korean investors' net capital inflow into U.S. stocks reached $12.3 billion in the first four months of 2024, a dramatic increase compared to previous years.
Revenue dropped by 6% to 18.7 trillion won, slightly surpassing the forecasted 18.4 trillion won. Net losses amounted to 120 billion won, better than analysts' predictions of 196.3 billion won in net losses.
EcoPro revealed a substantial financial setback, reporting a net loss for the second quarter. The company attributed the downturn primarily to a notable slowdown in EV sales, which has adversely impacted demand for its battery materials.
The session opened with cautious optimism, but early trading quickly turned sour as foreign investors opted to offload their holdings.
Some analysts pointed towards the higher valuation demanded by the IPO as a potential concern. The issue was priced at the upper end of the band at ₹331 per share, raising ₹1,000 crore.
Nestle India's 2024 stock split, now trading at a new 1:10 ratio, is a strategic move to attract a wider investor base by reducing the nominal share price.
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