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IDX Composite rises as foreign outflows weigh on market outlook
The IDX Composite closed up 0.21 percent on Tuesday despite foreign outflows and global economic concerns.
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Make it shine: Workers clean the Indonesia Stock Index (IDX) logo under the screen displaying the movement of the Jakarta Composite Stock Price Index (JCI) at the IDX in Jakarta, on Oct. 18. The IDX Composite closed up 0.21 percent higher at 7,453.28 on Tuesday. (Antara Foto/Aprillio Akbar)
T
he Indonesia Stock Exchange (IDX) Composite index ended Tuesday’s trading session with a modest gain, rising 0.21 percent to close at 7,453.28.
Trading volume reached 23.35 billion shares, with a total transaction value of Rp 15.18 trillion (US$980 million). Of the 798 stocks traded, 259 increased, 311 declined and 228 remained unchanged.
Among the 11 sectoral indices, eight posted gains, with the raw materials sector being the best performer, up 1.98 percent. The non-primary consumer goods sector followed with a 0.77 percent increase, while the energy sector added 0.59 percent.
Conversely, the property sector was the worst performer, falling 1.2 percent, followed by the industrial sector, down 0.61 percent and healthcare, which slipped by 0.22 percent.
Top gainers in the LQ45 index were PT Aneka Tambang, which surged by 9.06 percent, PT Unilever Indonesia, up 5.54 percent and PT Aspirasi Hidup Indonesia, which rose by 3.9 percent.
On the downside, PT Perusahaan Gas Negara led the losers in the LQ45 with a 4.5 percent drop, followed by PT Summarecon Agung, down 1.89 percent and PT Adaro Minerals Indonesia, which fell by 1.86 percent.
Despite the positive close, Pilarmas Investindo Sekuritas pointed out that foreign capital outflows continued to weigh on market sentiment. Data from Bank Indonesia (BI) showed a capital outflow of Rp 5.13 trillion from Dec. 2 to 5, contributing to an increased investment risk premium in Indonesia.
"Therefore, it is feared that this will have an impact on Indonesia's external resilience amid global conditions that are still facing pressure," read Pilarmas Investindo Sekuritas’s note on Tuesday, as quoted by katadata.co.id.
Investors also remained cautious as global factors, including concerns over the Chinese economy and weaker domestic consumption data, continued to exert pressure.
China's November trade surplus hit a record high, but weaker exports and declining imports signaled potential challenges ahead for Indonesia's key export markets.
