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IDX Composite slips 0.13% despite sectoral resilience
The IDX Composite closed down 0.13 percent at 7,339.64 on Thursday, with nine sectoral indices gaining.
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Attendees look at stock trading movements on Jan. 2, 2024, during the opening trade ceremony at the Indonesia Stock Exchange (IDX) in Jakarta. The IDX Composite closed down 0.13 percent at 7,339.64 on Feb. 22, 2024, with nine sectoral indices gaining. (Antara/Asprilla Dwi Adha)
T
he Indonesia Stock Exchange (IDX) Composite (IHSG) closed down 0.13 percent or 9.38 points at 7,339.64 on Thursday despite having briefly strengthened during the day’s morning trading session.
The market recorded a total transaction volume of 17.01 billion shares amounting to Rp 8.92 trillion (US$572.24 million). A total of 297 stocks gained, while 218 declined and 256 traded flat.
Despite the downturn in the IHSG, most sectoral indices showed resilience, with nine experiencing gains. Notable gains were seen in the infrastructure and raw goods sectors, which surged by 1.64 percent and 1.58 percent, respectively.
In contrast, the technology sector took a hit, plummeting 1.17 percent by the day’s close, while the financial sector also experienced a marginal decline of 0.17 percent.
The LQ45 index also closed lower by 0.59 percent at 1,002.511. Among the top losers in the prestigious index were PT Bukalapak.com (BUKA), which decreased by 4.94 percent, PT Telkom Indonesia Tbk (TLKM) with a 2.15 percent dip and PT Bank Mandiri Tbk (BMRI) with a 2.07 percent decline.
Meanwhile, PT Mitra Pack (PTMP) led the gainers with a 6.82 percent gain, followed by PT Saratoga Investama Sedaya (SRTG) with a 5.79 percent increase and PT Vale Indonesia (INCO) with a 5.14 percent surge.
Earlier predictions had anticipated a sideways movement for the IHSG throughout the trading day, attributing it to the United States Federal Reserve's reluctance to cut its benchmark interest rate in the near future.
In the minutes from the US Federal Open Market Committee, officials showed a hesitancy to cut rates soon, with market participants revising their expectations to a 91.5 basis point (bps) cut in 2024, down from an earlier projection of 150 bps for the year.
On the domestic front, Bank Indonesia (BI) disclosed a current account deficit of $1.3 billion, or 0.4 percent of GDP, on Thursday, showing a slight increase from the previous quarter's deficit of $1 billion, attributed to higher imports.
Despite the deficit, Indonesia's balance of payments in the fourth quarter of 2023 recorded a surplus of $8.6 billion, marking a significant improvement from the previous quarter's deficit of $1.5 billion.
BI decided on Wednesday to maintain its key rate at 6 percent for the fourth consecutive month, following a 25-bps hike in October 2023.
