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IDX Composite slides 0.06% as inflation exceeds estimates
The IDX Composite (IHSG) dropped by 0.06 percent to close at 7,311.90 on Friday after Statistics Indonesia released inflation data for February.
Change Size
Attendees look at stock trading movements during the trade opening ceremony at the Indonesi Stock Exchange (IDX) in Jakarta on Jan. 2, 2024. The IDX Composite dropped by 0.06 percent to close at 7,311.90 on March 1, after Statistics Indonesia released inflation data for February. (Antara/Asprilla Dwi Adha)
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he Indonesia Stock Exchange (IDX) Composite (IHSG) slid 4.2 points, or 0.06 percent, to close at 7,311.90 on Friday, continuing the decline from Thursday.
The market posted a substantial total trading volume of 15.31 billion shares, equivalent to Rp 10.35 trillion (US$657.5 million). A total of 231 stocks experienced gains, 285 declined and 242 remained stagnant.
Despite the overall decrease, eight sectoral indexes reported gains. Leading the upward trend was the infrastructure sector, with a 0.67 percent increase, followed by the property sector, which rose by 0.5 percent. Meanwhile, the primary consumer goods sector gained 0.35 percent.
Conversely, three sectoral indexes ended in the red zone. The technology sector experienced the most significant decline, falling by 0.77 percent. The transportation and financial sectors declined by 0.73 percent and 0.57 percent, respectively.
The LQ45 index also experienced a 0.21 percent drop, closing at 987.898. PT Merdeka Battery Materials (MBMA) led the losers by dropping 3.28 percent, while PT GoTo Gojek Tokopedia (GOTO) was down 2.82 percent.
Meanwhile, top gainers in the LQ45 index included PT XL Axiata (EXCL), which added 7.56 percent, and PT Medco Energi Internasional (MEDC), which rose by 4.2 percent.
Meanwhile, Statistics Indonesia (BPS) reported that inflation hit 2.75 percent year-on-year (yoy) in February, surpassing the market’s expectations of 2.63 percent. However, the figure remained within the government’s target range of 1.5 to 3.5 percent.
The inflationary pressures in February were mainly attributed to rising food prices, including rice, red chili, poultry, tomatoes, garlic and sugar. In addition, gold jewelry, air transportation and housing contracts also made notable contributions to the inflationary trend.
"Regional annual inflation distribution occurred in all provinces. The highest is in southern Papua [with] 4.61 percent [inflation], while the lowest is in Southwest Papua [with] 1.81 percent inflation," said BPS deputy for production statistics M. Habibullah on Friday, as quoted by cnbcindonesia.com.
