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IDX Composite closes down 0.91% after latest BI forex report
The IDX Composite index saw an overall declining trend on Monday as it dropped 0.91 percent to close at 7,283.57, after market sentiment responded to a reported surge in Bank Indonesia's December 2023 forex reserves to $146.4 billion.
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A woman takes a picture of a stock ticker display on July 4, 2023 at the Indonesia Stock Exchange (IDX) in Jakarta. The IDX Composite closed higher at 7,359.76 points on Jan. 4, 2024, surpassing its previous all-time high of 7323.59 achieved on Tuesday. (Antara/Hafidz Mubarak A)
The Indonesia Stock Exchange (IDX) Composite index closed down 0.91 percent or 67.04 points at 7,283.57 on Monday.
The volume of trade totaled 17.90 billion shares valued at Rp 9.67 trillion (US$620.48 million), with 183 stocks gaining, 248 stocks declining and 243 stocks remaining unchanged.
The IDX Composite predominantly remained in negative territory throughout the trading day, with seven sectors seeing a weakening trend.
The raw materials sector experienced the most significant decline at 2.18 percent, followed by the infrastructure sector declining 0.90 percent, while the primary consumer goods sector was down 0.77 percent.
The transportation sector was down 0.66 percent and the technology sector 0.64 percent, while the energy and industrial sectors slipped by 0.47 percent and 0.27 percent, respectively.
On the positive side, the property and real estate sector gained 0.51 percent and the health sector was up 0.22 percent. The financial and non-primary consumer goods sectors respectively recorded measly gains of 0.08 percent and 0.07 percent.
The LQ45 index mirrored the overall trend, falling 1 percent to 976.437. PT Chandra Astri Petrochemical (TPIA) plunged 7.86 percent, while PT Merdeka Copper Gold (MDKA) fell 3.56 percent.
In gains on the LQ45, PT Medco Energi Internasional (MEDC) recorded the biggest increase of 2.95 percent, and PT Bank Syariah Indonesia (BRIS) followed suit with a 1.32 percent rise.
The Lotus Andalan Sekuritas research team had earlier on Monday projected flat performance for the IDX Composite, citing expectations of an increase in the foreign exchange (forex) reserves of Bank Indonesia (BI) for December 2023.
"The IDX Composite has a chance of moving sideways today [Monday]," Lotus Andalan Sekuritas researchers said on Monday morning, as quoted by Antara.
According to BI data, the central bank’s forex reserves totaled $146.4 billion at the end of 2023. This marked an increase of 6.01 percent from $138.1 billion in November 2023, the highest rise since BI booked $146.9 billion in forex reserves in September 2021.
The central bank’s communications head Erwin Haryono attributed the rise to a combination of tax deposits and a decrease in the government’s foreign debt.
