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IDX Composite dips 1.29% amid broad sectoral declines
The IDX Composite index dropped 1.29 percent to 7,214.56 on Thursday, with the tech sector as the only gainer.
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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 dropped 1.29 percent to 7,214.56 on Nov. 15, 2024, with the tech sector as the only gainer. (Antara/Dhemas Reviyanto)
The Indonesia Stock Exchange (IDX) Composite index tumbled 1.29 percent, or 94.11 points, closing at 7,214.56 on Thursday.
Ten of 11 sectoral indices at the IDX declined. Property and real estate led the declines, plunging 1.78 percent. It was followed by energy, which lost 1.77 percent. Other sectors posting significant drops included basic materials, non-primary consumer goods and transportation, which fell by 1.66 percent, 1.11 percent, and 1.05 percent, respectively.
Technology was the only sector ending up on the day, jumping by 1.27 percent.
In the LQ45 index, the top gainers were PT Bukalapak.com (BUKA), which rose by 4.2 percent, PT Dayamitra Telekomunikasi (MTEL), which added 3.6 percent, and PT Vale Indonesia (INCO), which increased by 1.87 percent.
The leading decliners in the LQ45 were PT Indofood CBP Sukses Makmur (ICBP), PT Medco Energi Internasional (MEDC), and PT Kalbe Farma Tbk (KLBF), which dropped 3.38 percent, 3.38 percent, and 3.33 percent, respectively.
Thursday’s trading saw 23.14 billion shares change hands, totaling Rp 10.68 trillion (US$809.35 million). Market data showed 431 stocks falling, 173 gaining and 182 flat. Week-to-date, the Composite index is down 0.4 percent, pushing a monthly loss of 6.73 percent, with a year-to-date decrease of 0.8 percent.
Despite the recent decline in the Composite index, research firm Infovesta Utama anticipates the Composite index to hit 7,500 by year-end, driven by rate cuts and December’s “window dressing” trend.
“Driven by interest rate cuts and December window dressing, which has risen 1.68 percent over the past five years,” Infovesta director Parto Kawito said on Thursday, as quoted by bisnis.com.
“The outlook and prices [of bank stocks] have declined but have started to turn around over the past few days.”
Infovesta’s research and consulting manager, Nicodimus Anggi Kristiantoro, previously highlighted the quick recovery of bank stocks. They rebounded on Tuesday after a sharp downturn the prior week, attributed to sentiment following the United States election.
“From the banking sector perspective, a rebound could happen relatively quickly, as there was indeed a very sharp decline over the past week,” Anggi said on Tuesday.
