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IDX Composite slips 0.91%, sectors weaken amid global concerns
IDX Composite fell by 0.91 percent on Thursday, weighed down by external factors, including rising US bond yields.
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An employee walks past a giant monitor showing the fluctuations of the Composite index at the Indonesia Stock Exchange (IDX) in Jakarta on Aug. 5, 2024. The IDX Composite index fell by 0.91 percent on Oct. 24, 2024. (Antara/Dhemas Reviyanto)
T
he Indonesia Stock Exchange (IDX) Composite index took a sharp dip on Thursday, falling by 0.91 percent or 71.02 points to close at 7,716.55.
Nine sectors dragged the index into the red, with healthcare plunging 1.51 percent, followed by property and real estate at 1.49 percent and basic materials down 1.34 percent. The energy sector dropped by 1.14 percent, while transportation and infrastructure each fell by 0.69 percent.
The two sectors that managed to post gains were technology, which added 0.30 percent, and industrials, which inched up 0.09 percent.
The top gainers in the LQ45 were PT Bukalapak.com (BUKA), which surged by 5.26 percent, followed by PT ESSA Industries Indonesia (ESSA), up 2.63 percent, and PT Bank Syariah Indonesia (BRIS), rising 2.32 percent.
On the losing side, PT Unilever Indonesia (UNVR) plummeted by 8.58 percent, while PT Industri Jamu dan Farmasi Sido Muncul (SIDO) fell by 6.02 percent and PT GoTo Gojek Tokopedia (GOTO) dropped by 2.70 percent.
A total of 25.54 billion shares were traded, with a transaction value of Rp 11.5 trillion (US$736.4 million). Of the stocks traded, 379 declined, 214 gained and 198 remained unchanged.
Pilarmas Investindo Sekuritas attributed the decline to external factors, particularly the rising United States 10-year bond yield, which hit an intraday high of 4.26 percent.
“The increase aligns with comments from several Federal Reserve officials indicating a gradual approach to cutting interest rates,” Pilarmas researchers wrote in a published note on Thursday.
Additionally, market focus has shifted to the upcoming US presidential election and China’s potential tensions with the US if Donald Trump wins.
Pilarmas also stated that the market was waiting for further policy signals from Beijing after the authorities implemented a series of stimulus measures, including reducing the benchmark lending rate to revive economic growth and rolling out various monetary instruments to boost stock market activity.
