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 drops by 0.9%, analysts see potential rebound
The IDX Composite closed lower by 0.9 percent on Monday. Despite the downturn, analysts remain optimistic.
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!
Day in decline: Workers clean the IDX logo under the screen of the movement of the Jakarta Composite Stock Price Index (JCI) at the Indonesia Stock Exchange, Jakarta (IDX), on Oct. 18. The IDX Composite closed lower by 0.9 percent at 7,258.63 on Monday. (Antara Foto/Aprillio Akbar)
T
he Indonesia Stock Exchange (IDX) Composite index started the week in the red zone on Monday, retreating by 0.9 percent to finish at 7,258.63. This marks a continuation of the downward trend, with all sectoral indices experiencing losses.
The property sector suffered the most, dropping 2.95 percent. The technology sector followed with a 2.3 percent decline, while the transportation sector fell by 1.9 percent. Other sectors also showed weakness, but the declines were less pronounced.
The total trading volume for the day reached 21.25 billion shares, with a total value of Rp10.69 trillion (US$690 million). Of the 794 stocks traded, 159 rose, 442 fell and 193 remained unchanged.
On the LQ45 index, PT Bank Rakyat Indonesia (BBRI) led the gainers with a rise of 1.92 percent. Then, PT Summarecon Agung (SMRA) increased by 0.99 percent, while PT Bank Mandiri (BMRI) gained 0.83 percent.
On the flip side, PT GoTo Gojek Tokopedia (GOTO) was the top loser in the LQ45, falling by 5.26 percent. It was followed by PT Telkom Indonesia (TLKM), which dropped by 4.66 percent and PT Mitra Adiperkasa (MAPI), which decreased by 3.81 percent.
Despite the decline, market analysts expect a potential rebound in the coming weeks. This might be driven by positive global economic expectations, including a likely interest rate cut by the United States Federal Reserve later this month.
"IDX Composite has the opportunity to strengthen limitedly at the beginning of this week," read Lotus Andalan Sekuritas's research note on Monday, as quoted by Antara news agency.
At the Federal Open Market Committee (FOMC) meeting, scheduled for Tuesday and Wednesday, the Fed is expected to make a significant interest rate cut.
Locally, investors are also looking forward to trade data from Statistics Indonesia for November, with expectations of continued export growth despite rising imports.
