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IDX Composite drops 0.78% as Middle East tensions weigh on market
The IDX Composite index dropped 0.78 percent to 7,634.63 on Monday, as global tensions and sectoral declines weighed on the market.
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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 dropped 0.78 percent to 7,634.63 on Oct. 28, 2024, as global tensions and sectoral declines weighed on the market. (Antara/Dhemas Reviyanto)
T
he Indonesia Stock Exchange (IDX) Composite index ended the trading session on Monday down by 0.78 percent or 60.03 points, closing at 7,634.63. This marked a sharp drop since the market opened, weighed down by sectoral losses and ongoing geopolitical concerns.
Six sectors pulled the Composite index into the red zone, with technology plunging 1.48 percent, infrastructure declining 1.34 percent, healthcare falling 0.86 percent and the financial sector slipping 0.85 percent. The energy and primary consumer goods sectors also fell by 0.56 percent and 0.07 percent, respectively.
On the positive side, five sectors managed to post gains. The industrial sector rose 0.41 percent, while property and real estate climbed 0.36 percent. Basic materials advanced 0.23 percent, non-primary consumer goods increased 0.15 percent and transportation and logistics grew 0.14 percent.
Top gainers in the LQ45 index were PT Sumber Alfaria Trijaya (AMRT), which increased by 2.59 percent, PT Indah Kiat Pulp & Paper (INKP) by 1.87 percent and PT Aneka Tambang (ANTM) by 1.58 percent.
Conversely, the top losers were PT Semen Indonesia (SMGR), falling 5.69 percent, PT Harum Energy (HRUM), down 5.34 percent and PT Indosat (ISAT), losing 4.78 percent.
Trading volume reached 20.73 billion shares with a total transaction value of Rp 9.59 trillion (US$601.29 million). A total of 365 stocks declined, 203 advanced and 227 remained flat.
Market sentiment remained cautious, exacerbated by the rising geopolitical tensions in the Middle East.
Israel’s recent airstrikes on Tehran have heightened concerns about a broader conflict, leading investors to take a wait-and-see approach.
Additionally, the IDX is preparing for a major rebalancing of eight critical indices. These include the IDX30 and LQ45 bluechip indices, starting from Nov. 1 until Jan. 31.
The rebalancing of the two bluechip indices could further influence the Composite index’s performance in the days ahead.
