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IDX Composite begins new week with 0.55% decline
The IDX Composite (IHSG) fell by 0.55 percent to 7,198.61 on Monday as the market digests new economic data published by Statistics Indonesia (BPS).
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Attendees look at stock trading movements on Jan. 2, 2024, during the opening ceremony at the Indonesia Stock Exchange (IDX) in Jakarta. The IDX Composite (IHSG) fell by 0.55 percent to 7,198.61 on Feb. 5, 2024, as the market digests new economic data published by Statistics Indonesia (BPS). (Antara/Asprilla Dwi Adha)
T
he Indonesia Stock Exchange (IDX) Composite (IHSG) fell on Monday, closing at 7,198.61, down 0.55 percent or 40.17 points from the previous trading day. The IDX will only open for three days this week because of Chinese New Year and the Prophet Muhammad’s Birthday.
The IHSG’s decline was driven by the drop in 10 out of 11 sectoral indices, with only the transportation and logistics sector posting a slight increase of 0.17 percent. The raw goods sector suffered the biggest drop of 1.85 percent, followed by the industrial sector with a 1.07 percent decline.
The LQ45 index also closed down 0.93 percent at 975.49. PT GoTo Gojek Tokopedia (GOTO) led the losers in the LQ45 with a 6.67 percent drop. On the other hand, PT Essa Industries Indonesia (ESSA) recorded the biggest gain for the day, adding 7.92 percent.
The total transaction volume on the stock market reached 33.21 billion shares, worth Rp 11.28 trillion (US$ 716 million). Based on the record, 335 stocks weakened, 200 strengthened and 231 traded sideways.
The market performance on Monday was influenced by several domestic factors.
Statistics Indonesia (BPS) published the economic growth data for 2023. The data showed that Indonesia's economy grew by 5.05 percent year-on-year in 2023, surpassing the initial projection of 5 percent growth. However, the figure was still lower than in 2022, when the country realized growth of 5.31 percent.
The economic growth in 2023 was also accompanied by low and stable inflation, which reached 2.61 percent, the lowest among the Group of Twenty countries.
“Amid the global economic slowdown and the decline of commodity prices, Indonesia’s economy in 2023 still grew solidly by 5.05 percent,” said BPS acting head Amalia A. Widyasanti on Monday, as quoted by bisnis.com.
The market sentiment was also affected by the presidential debate that took place on Sunday. The debate and its news coverage were expected to linger throughout the week, as the parties and the candidates will wrap up their campaigns on Saturday.
