TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
IDX Composite plummets to 7,200 level
Pilarmas Investindo Sekuritas noted that the IDX Composite closing 1.90 percent down on Thursday at 7,243.86 was due to negative market perception following Trump's reelection on Tuesday.
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
A man is reflected in the wall behind a giant stock ticker display on Aug. 5, 2024, in the lobby of the Indonesia Stock Exchange (IDX) in South Jakarta. The IDX Composite closed down 1.90 percent at 7,243.86 on Nov. 7, 2024, due to a negative market perception linked to the reelection of former United States president Donald Trump. (Antara/Dhemas Reviyanto)
T
he Indonesia Stock Exchange (IDX) Composite closed on Thursday at 7,243.86, recording a significant decline of 1.90 percent, or 140 points, presumably in response to the Nov. 5 election victory of former United States president Donald Trump.
The total trading volume for the day was 22.33 billion shares at an accumulated value of Rp 13.32 trillion (US$846.32 million), with trading data showing that 362 stocks ended in the red while 221 gained, and 199 trading flat.
The raw materials sector was the biggest loser, falling 3.47 percent, followed by the technology sector declining 2.33 percent. Only two sectoral indices closed in the green: Property rose 0.33 percent and non-primary consumer goods gained 0.07 percent.
Similarly, the LQ45 index of the top 45 liquid companies posted a significant loss, falling 1.60 percent to close at 887.00.
PT ESSA Industries Indonesia (ESSA) was the worst-performing stock, declining 5.88 percent, followed by PT Amman Mineral Internasional (AMMN) and PT GoTo Gojek Tokopedia (GOTO), which were down 5.43 percent and 4.69 percent, respectively.
On the other hand, PT Summarecon Agung (SMRA) was the biggest gainer in the LQ45, rising 3.31 percent. It was followed by PT Perusahaan Gas Negara (PGAS), up 2.97 percent, and PT Aneka Tambang (ANTM) with a 2.27 percent rise.
In its research note, Pilarmas Investindo Sekuritas attributed the bourse’s downward trend to a perception that Trump’s reelection would impact Indonesia’s capital market.
Trump’s election win “will push capital outflow. In fact, Bank Indonesia predicts that the US dollar will strengthen, the US central bank’s benchmark interest rate will strengthen in the future and the trade war will continue”, the securities firm wrote in a note on Thursday, as quoted by Investor.id.
However, it also said Indonesia’s foreign exchange reserves, which posted a 0.87 percent month-to-month growth in October, should help prevent a more significant decline in the IDX Composite and overall macroeconomics.
Your Opinion Matters
Share your experiences, suggestions, and any issues you've encountered on The Jakarta Post. We're here to listen.
Enter at least 30 characters
0
/ 30
Thank you
Thank you for sharing your thoughts. We appreciate your feedback.
