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IDX Composite ends week below 7,700, down 0.28%
The IDX Composite index dropped by 0.28 percent to 7,694.66 on Friday, as the technology sector led declines and investors remained cautious about policy signals.
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An employee walks past a giant monitor showing the fluctuations of the Indonesia Stock Exchange (IDX) Composite Index on Aug. 5, 2024, at the IDX building in Jakarta. The IDX Composite index dropped by 0.28 percent to 7,694.66 on Friday, as the technology sector led declines and investors remained cautious about policy signals. (Antara/Dhemas Reviyanto)
T
he Indonesia Stock Exchange (IDX) Composite index ended the week on a low note, slipping 0.28 percent to 7,694.66 on Friday, after briefly rallying during the first trading session.
This marks a return to the 7,600 psychological level, halting the index’s six-day hold above 7,700.
The day saw trading activity of Rp 9.3 trillion (US$ 596.15 million), involving 22.8 billion shares across 1.2 million transactions. A total of 223 stocks advanced, 358 declined and 208 remained unchanged.
Nearly all sectors finished in the red, with the technology sector plunging 1.62 percent, exerting the most pressure on the index. The financial sector was the sole gainer, inching up 0.06 percent.
Leading the drag on the Composite index were shares of PT GoTo Gojek Tokopedia (GOTO), which plummeted 2.78 percent, PT Barito Renewables Energy (BREN), which saw a 1.69 fall and PT Bank Rakyat Indonesia (BBRI), which plunged 1.04 percent.
The market remains cautious as investors await policy clarity from the Prabowo administration. Investors are particularly focused on third-quarter earnings from major Indonesian firms, with PT Bank Central Asia and PT Unilever Indonesia already reporting mixed results.
However, continuing claims, the total number of Americans who continue receiving unemployment benefits increased by 28,000 to 1.9 million, the highest since November 2021. Despite a strong economy, labor demand seems to be weakening.
The unemployment rate fell to 4.1 percent in September, down from 4.2 percent in August.
The United States Federal Reserve, which cut rates by 50 basis points in September, is expected to reduce rates by 25 basis points in November.
