Doesn’t matter! The Constitutional Court’s Decision Has No Impact on the Stock Exchange

JAKARTA – The results of the Constitutional Court (MK) decision regarding the 2024 Presidential Election (Pilpres) dispute have no impact on the movement of the Composite Stock Price Index (IHSG). Investors are considered to have anticipated the judicial institution’s decision.

“This is not the first time a political process like this has happened. So, investors seem to know how to anticipate it,” said Director of Development for the Indonesian Stock Exchange (BEI) Jeffrey Hendrik in Jakarta, Monday (22/4/2024).

For information, the Constitutional Court held a hearing to read the decision on the dispute over the results of the 2024 presidential election today. The reading of the decision was held after the Constitutional Court held a series of sessions to hear the lawsuit, examine witnesses and experts, and ask for information from four ministers.

As of 14.27 WIB, the JCI was still in the red zone with a correction of 0.40% or 28.60 points to level 7,058. The total volume of shares traded was 14.52 billion shares with a transaction value of IDR 7.29 trillion, and was transacted 971,671 times.

Binaartha Sekuritas analyst Ivan Rosanova said, JCI continued its downward trend towards 7,008 as the nearest Fibonacci support because it had penetrated below the 7,066 fractal on Friday (19/4).

JCI is expected to experience a rebound this week as long as it remains above the psychological level of 7,000. JCI support levels are at 7,008, 6,903 and 6,853. Meanwhile the resistance levels are 7,180, 7,239, 7,313 and 7,400.

(fjo)