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IDX Composite ends fourth consecutive trading day in the red
The IDX Composite dropped for the fourth day on Tuesday, falling 0.40 percent in the trading day. Most sectors declined, except energy.
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People look at stock prices during the opening of the trading day at the Indonesia Stock Exchange (IDX) in Jakarta on Jan. 2, 2024. The IDX Composite dropped for the fourth day in a row on March 5, 2024, down 0.40 percent to 7,247.46. (Antara/Asprilla Dwi Adha)
T
he Indonesia Stock Exchange (IDX) Composite continued its downward trend for the fourth consecutive day on Tuesday, losing 29.28 points, or 0.40 percent, to close at 7,247.46. This marks a 0.52 percent drop in the past trading week.
The trading activity involved 17.27 billion shares with a transaction value of Rp 9.47 trillion (US$600.53 million). Among the listed stocks, 340 declined, 198 gained, and 236 remained stagnant.
Of the eleven sectors listed on the IDX Composite, 10 ended the day in the red zone. Leading the losses was the property and real estate sector, down 1.43 percent, followed by a 0.89 percent decline in the primary consumer goods sector. The only sector that managed to close higher was energy, which gained 0.72 percent.
The LQ45 index also fell by 0.21 percent to 979.884. PT Barito Pacific (BRPT) and PT Bank Tabungan Negara (BBTN) were the top losers, falling by 5.91 percent and 4.26 percent, respectively.
On the other hand, PT Adaro Energy Indonesia (ADRO) led the gainers with a 3.54 percent increase, followed by PT Indo Tambangraya (ITMG), which recorded a 3.03 percent rise.
The IDX Composite exhibited weakness early in the day, falling to 7,255.82 by the end of the morning trading session. However, Yugen Bersinar Sekuritas CEO William Surya Wijaya noted that the movement pattern of the IDX Composite still indicated reasonable consolidation within a limited potential pressure range.
Fluctuations in the rupiah exchange rate continue to be a significant factor influencing short-term movements in the IDX Composite.
"Sentiment from the release of issuer performance data starting to be released will also influence the IDX Composite movement pattern for some time to come," William said in a research note, as quoted by bisnis.com.
Meanwhile, RHB Sekuritas analyst Muhammad Wafi said the IDX Composite was undergoing a technical correction and breaking down the 20-day moving average support accompanied by volume. As long as it remained below the 20-day moving average, there was a possibility of testing the 50-day moving average support.
"However, if the 20-day moving average returns, there is a chance to rebound and test the 50-day moving average resistance. The IDX Composite movement range is currently in the range of 7,200 to 7,400," said Wafi on Tuesday morning.
