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View all search resultsIDX Composite index drops 0.94% after rally
The IDX Composite fell by 0.94 percent on Tuesday, as analysts foresee a sideways movement after recent gains despite optimism from United States inflation data.
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Workers clean the Indonesia Stock Exchange (IDX) logo under a screen showing stock prices in Jakarta on Oct. 18, 2024. The IDX Composite fell by 0.94 percent to close at 7,394.23 on Dec. 12, 2024. (Antara Foto/Aprillio Akbar)
T
he Indonesia Stock Exchange (IDX) Composite index ended Tuesday’s trading with a decline, falling by 70.51 points, or 0.94 percent, to close at 7,394.23.
The day’s trading volume was 19.93 billion shares, with a total transaction value of Rp 11.15 trillion (US$730 million). Of the 791 stocks traded, 210 increased, 347 declined and 234 remained unchanged.
Among the 11 sectoral indices, only three closed higher. The non-primary consumer goods sector led the gains with a 0.59 percent increase, followed by the raw materials sector, up 0.12 percent, and the energy sector, which rose by 0.09 percent.
Conversely, eight sectoral indices saw losses, with the transportation sector suffering the largest percentage decline, down 1.71 percent. The financial sector dropped 1.41 percent, while the health sector fell 1.37 percent.
Top gainers in the LQ45 index were PT Vale Indonesia, which rose by 4.00 percent, followed by PT Mitra Adiperkasa, up 2.83 percent, and PT Indosat, which gained 1.61 percent.
On the downside, the biggest losers on the LQ45 were PT Sarana Menara Nusantara, which dropped by 4.20 percent, PT Bank Negara Indonesia, down 3.84 percent, and PT Kalbe Farma, which lost 3.32 percent.
Fanny Suherman, head of BNI Sekuritas retail research, previously predicted that the IDX Composite was likely to move sideways, with a tendency toward correction after four consecutive days of gains.
Meanwhile, Pilarmas Sekuritas reported a positive sentiment in Asian markets following United States inflation data that aligned with market expectations.
US inflation rose from 2.6 percent to 2.7 percent year-on-year and from 0.2 percent to 0.3 percent month-on-month, while core inflation remained stable at 3.3 percent year-on-year and 0.3 percent month-on-month.
These results have strengthened the likelihood of a US Federal Reserve interest rate cut, with a 97 percent probability of a 25 basis point (bps) reduction.
"So far, the probability of a 25 bps Bank of Japan interest rate hike is around 27 percent. The IDX Composite has weakened after strengthening for the previous 5 days," read Pilarmas Sekuritas’ research note on Thursday, as quoted by katadata.co.id.
