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IDX Composite plunges by 0.69% ahead of key US economic data
The IDX Composite (IHSG) declined by 0.69 percent, or 49.78 points, and closed at 7,178.04 on Thursday as investors await United States economic data.
Change Size
Attendees look at stock trading movements on Jan. 2, 2024, during the trade opening ceremony at the Indonesia Stock Exchange (IDX) in Jakarta . The IDX Composite (IHSG) declined by 0.69 percent, or 49.78 points, and closed at 7,178.04 on Jan. 25, 2024, as investors await United States economic data. (Antara/Asprilla Dwi Adha)
T
he Indonesia Stock Exchange (IDX) Composite (IHSG) plunged by 0.69 percent, or 49.78 points, and concluded Thursday trading at 7,178.04.
The total exchange transaction volume reached 15.16 billion shares with a transaction value of Rp. 9.7 trillion (US$613 million). Data revealed that 260 shares rose, 258 declined and 248 remained flat.
Six sectoral indices were in the red by the closing bell. The financial sector recorded the worst decline for the day, falling by 1.78 percent. On the other hand, the energy sector was the biggest gainer, with a 1.04-percent increase.
The LQ45 index fell by 6.45 points, or 0.67 percent, to 959.80. PT Sarana Menara Nusantara (TOWR) had the highest losses in the LQ45, experiencing a decrease of 4.66 percent. On the other hand, PT Indo Tambangraya Megah (ITMG), the top gainer, rose by 2.91 percent.
Fanny Suherman, head retail research analyst at BNI Sekutitas, earlier anticipated the IHSG to move sideways ahead of the release of United States economic data.
"The IHSG is poised for potential sideways movement today, awaiting the release of US GDP [gross domestic product] and US core PCE [personal consumption expenditures] data later this week. Resistance levels are identified at 7,280-7,320, and support at 7,150-7,200," Suherman said on Thursday, as quoted by the Antara news agency.
The US is expected to record moderate economic growth in the fourth quarter of last year, while the PCE, which is the US Federal Reserve’s preferred measure of inflation, will likely show signs of easing inflationary pressures.
The economic data will shape the Fed’s interest rate decision in the upcoming meeting.
