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IDX Composite dips 0.17% amid expectations of increased inflation
The IDX Composite slipped 0.17 percent to 7,316.11 points on Thursday as investors awaited inflation data from Statistics Indonesia (BPS).
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Attendees look at stock prices at the opening of trade on the Indonesia Stock Exchange (IDX) in Jakarta on Jan. 2, 2024. The IDX Composite slipped 0.17 percent to 7,316.11 points on Feb. 29, 2024, as inflation in Indonesia was expected to have risen by 0.25 percent in February. (Antara/Asprilla Dwi Adha)
T
he Indonesia Stock Exchange (IDX) Composite suffered a slight decrease on Thursday but remained in the 7,300-territory, shedding 12.52 points, or 0.17 percent, to close at 7,316.11.
A total of 29.17 billion shares were traded on the exchange during the day, valued at a total of Rp 15.66 trillion (US$1 billion). Among the listed stocks, 239 saw gains, 292 declined and 232 remained unchanged.
Only three sectoral indices managed to stay in positive territory.
The raw materials sector led with a 1.37 percent increase. It was followed by infrastructure and primary consumer goods, which rose by 0.58 percent and 0.06 percent, respectively.
Eight other sectoral indices recorded declines.
The technology sector experienced the steepest decline of 1.90 percent. The property sector slipped by 0.75 percent, while the non-primary consumer goods sector dipped by 0.53 percent.
The LQ45 index also closed down 0.73 percent at 989.93. The day’s top losers in the index were tech company GoTo, with a 5.33 percent decline; Bukalapak, which slid 2.48 percent; and Merdeka Battery Materials, which dropped 2.40 percent.
Meanwhile, Indah Kiat Pulp & Paper and Bank Jago emerged as the top gainers, soaring by 7.38 percent and 7.11 percent, respectively, followed by Medco Energi Interasional, which gained 3.97 percent.
The market is expecting February inflation data from Statistics Indonesia (BPS), due on Friday.
Inflation in Indonesia is expected to have hit 2.63 percent year-on-year in February, while core inflation is predicted to have been 1.7 percent on an annual basis, based on a market consensus compiled by CNBC Indonesia from 11 institutions.
On a month-to-month basis, inflation is anticipated to have edged up 0.25 percent. This upward trend is attributed to a surge in the prices of several basic commodities, including rice, chili, sugar and cooking oil.
Inflation in January stood at 2.57 percent year-on-year, while core inflation reached 1.68 percent. In January, inflation also rose by 0.04 percent compared to December.
Historical data from BPS indicates that February typically witnesses a slowdown in inflation compared to the preceding months.
Over the past five years, February's month-on-month inflation has averaged 0.09 percent.
Despite the anticipated rise, the inflationary trend is still considered manageable, remaining within the target range set by Bank Indonesia (BI) for 2024 of 1.5 to 3.5 percent.
