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IDX Composite drops by 0.7% after central bank’s rate decision

IDX Composite index closed lower for the fifth consecutive day, with analysts predicting further pressure on the index amid concerns over weakening rupiah and Bank Indonesia's interest rate decision.

News Desk (The Jakarta Post)
Jakarta
Wed, December 18, 2024

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IDX Composite drops by 0.7% after central bank’s rate decision Workers clean the Indonesia Stock Exchange (IDX) logo in Jakarta, on Oct. 18, 2024. The IDX Composite index closed lower for the fifth consecutive day, closing at 7,107.87 on Dec. 18, 2024. (Antara Foto/Aprillio Akbar)

T

he Indonesia Stock Exchane (IDX) Composite index closed down on Wednesday, slipping by 0.7 percent to end the day at 7,107.87. This is the index’s fifth consecutive day of losses.

Total trading volume reached 16.5 billion shares, with a transaction value of Rp 10.5 trillion (US$680 million). Of the 786 stocks traded, 381 declined, 211 increased and 199 remained unchanged.

Market sentiment was subdued, with broad declines across nearly all sectors.

The transportation and logistics sector led the losses, falling by 1.37 percent, followed by the raw materials sector, which dropped by 1.03 percent.

The infrastructure sector weakened by 0.93 percent, while the health sector slid by 0.66 percent. Other notable losses included the property and real estate sector by 0.58 percent, the financial sector by 0.54 percent, and the technology sector by 0.49 percent.

The only sector that gained on Wednesday was the non-primary consumer goods sector, which rose by 0.58 percent.

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Among the top gainers in the LQ45 index were PT Aspirasi Hidup Indonesia (ACES), up 3.75 percent, PT Alamtri Resources Indonesia (ADRO), which gained 3.19 percent, and PT Semen Indonesia (SMGR), which rose by 2.74 percent.

On the flip side, PT Indosat (ISAT) led the losses in the 45-stock index, which lost 4.71 percent. This was followed by PT AKR Corporindo (AKRA), which dropped by 4.49 percent, and PT Merdeka Copper Gold (MDKA), which fell by 4.35 percent.

Investor sentiment was dampened by ongoing concerns regarding the rupiah's weakening against the United States dollar.

Bank Indonesia’s (BI) decision to hold its benchmark interest rate also affected market sentiment.

"The Bank Indonesia Board of Governors meeting on Tuesday and Wednesday decided to maintain the BI-Rate at 6 percent," BI Governor Perry Warjiyo told a press conference on Wednesday, as quoted by cnbcindonesia.com.

Previously, most market experts predicted that BI would reduce its interest rates by 25 basis points to 5.75 percent.

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