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IDX Composite falls, in line with global market decline
The IDX Composite fell by 1.42 percent on Friday, following a downward trend in Asian and global stock markets.
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The IDX Composite increased by 0.53 percent to 7,421.21, setting a new record. The IDX Composite fell by 1.42 percent on March 15, 2024, following a downward trend in Asian and global stock markets. (Antara/Akbar Nugroho Gumay)
The Indonesia Stock Exchange (IDX) Composite fell by 105.26 points, or 1.42 percent, to 7,328.05 at the market close on Friday.
At the end of the week, the IDX Composite weakened by 0.02 percent despite reaching all-time highs on Wednesday and Thursday.
The decline followed the downward trend of stock markets in Asian and global markets.
The Nikkei stock index was down by 0.18 percent, while the Hang Seng Index fell by 1.26 percent. The Shanghai and Strait Times indices also declined by 0.15 percent and 0.41 percent, respectively.
The weakening of the IDX Composite was due to the decline of eight sectors. The financial sector was hit the hardest, declining by 1.96 percent, followed by basic goods, falling by 1.82 percent and infrastructure, which declined by 0.95 percent.
The other five declining sectors were energy, property and real estate, non-primary consumer goods, industrial and primary consumer goods.
Meanwhile, three sectors rose: the transportation sector by 1.47 percent, the technology sector by 0.37 percent and lastly, the health sector by 0.08 percent.
The transaction volume on Friday was 25.43 billion stocks, worth Rp 17.38 trillion (US$1.11 billion). Of all listed stocks, 312 were corrected, 230 remained flat and only 226 gained.
PT Elang Mahkota Teknologi (EMTK)'s stocks fell by 8.41 percent, making it the top loser in the LQ45 index, followed by PT Bank Negara Indonesia (BBNI), whose stocks fell by 5.69 percent. Completing the list of the top three losers was PT Barito Pacific (BRPT), whose stocks fell by 4.83 percent.
Meanwhile, the top three gainers in the LQ45 index on Friday were PT Perusahaan Gas Negara (PGAS), which rose by 3.35 percent, followed by PT Harum Energy (HRUM) and PT GoTo Gojek Tokopedia (GOTO), whose stocks increased by 2.17 and 1.43 percent, respectively.
Statistics Indonesia (BPS) also published trade balance data for February 2024, which showed a narrow surplus of $870 million. The trade surplus was significantly lower than the $2.02 billion recorded in January.
