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View all search resultsIDX Composite dips 0.28% as foreign capital outflows persist
After a volatile start and a midday rebound on Monday, the IDX Composite closed down 0.28 percent amid foreign capital outflows and US policy concerns.
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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 closed at 7,266.46, down 0.28 percent, on Nov. 11, 2024, amid foreign capital outflows and US policy concerns. (Antara/Dhemas Reviyanto)
T
he Indonesia Stock Exchange (IDX) Composite index ended a volatile Monday at 7,266.46, falling 0.28 percent or 20.73 points. In early trading, the Composite index plummeted to a low of 7,182 but recovered slightly in the afternoon.
Eight out of 11 sectoral indices pushed the index into the red.
The property and real estate sector led the declines, down by 1.83 percent, followed by the industrial sector, which fell by 1.63 percent. The health, transportation and logistics sector and the infrastructure sector also registered significant losses, with declines of 1.31 percent, 1.04 percent and 0.99 percent, respectively.
Conversely, the technology sector rose by 2.85 percent, the energy sector gained 0.42 percent and basic materials slightly increased by 0.06 percent.
The top gainers on the LQ45 index were PT GoTo Gojek Tokopedia (GOTO), which rose by 3.17 percent; PT Amman Mineral Internasional (AMMN), up 2.78 percent; and PT Indocement Tunggal Prakarsa (INTP), with a gain of 2.20 percent.
Meanwhile, top decliners on the LQ45 index included PT United Tractors (UNTR), which fell by 4.92 percent, PT Summarecon Agung (SMRA), which lost 4.03 percent, and PT Bank Jago (ARTO), which was down 3.85 percent.
The day’s trading volume was 23.5 billion shares, with a total transaction value of Rp 13.1 trillion (US$834.27 million). Data recorded 397 stocks declining, 190 advancing and 196 remaining flat.
The Composite index has dropped 2.85 percent over the past week and has fallen 0.09 percent year-to-date.
The index’s downturn was partly attributed to continued foreign fund outflows from Indonesian markets. On Friday alone, foreign investors sold Rp 2.22 trillion in Indonesian equities, contributing to a monthly net sell of Rp 7.43 trillion.
Following Donald Trump’s victory in the United States presidential election, uncertainty has led some investors to divert funds back to the US market, spurred by expectations of heightened US tariffs that could impact Asian economies.
Reuters reported that Trump had pledged to introduce new tariffs on imports from countries such as China and Mexico. This could strengthen the US dollar and tighten monetary policy at the Federal Reserve, further reducing investment in emerging markets.
The Composite index is expected to face pressure to stay in negative territory throughout November, a trend historically observed over the past decade, as market sentiment weakens amid challenging economic data and ongoing foreign capital outflows.
