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IDX Composite slides 1.17% as market awaits global cues
The IDX Composite closed lower on Monday amid cautious market sentiment caused by the upcoming United States Federal Reserve’s policy decisions and Donald Trump’s inauguration.
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Workers clean the logo of the Indonesia Stock Exchange (IDX) below a screen displaying the IDX Composite index at the bourse in Jakarta in October 2024. The IDX Composite closed 1.17 percent lower at 7,080.47 on Jan. 6, 2025. (Antara Foto/Aprillio Akbar)
T
he Indonesia Stock Exchange (IDX) Composite ended the trading session in the red on Monday, dropping by 1.17 percent to close at 7,080.47.
The total trading volume for the day reached 22 billion shares, with a transaction value of Rp 8 trillion (US$514 million). Of the 799 stocks traded, 388 declined, 221 increased and 190 remained unchanged.
Among the 11 sectoral indices, only three posted gains. The non-primary consumer goods sector rose by 0.18 percent. Meanwhile, the infrastructure and finance sectors gained 0.07 percent and 0.02 percent, respectively.
On the downside, the basic materials sector led the losses, falling by 1.65 percent. It was followed by transportation, which dropped by 1.45 percent and health care, which was down by 1.34 percent.
The LQ45 index mirrored the broader market trend, falling by 1.17 percent to 1,039.33.
The top gainers in the LQ45 were PT Perusahaan Gas Negara (PGAS), which surged 7.52 percent, PT Barito Pacific (BRPT), up by 4.81 percent and PT Jasa Marga (JSMR), which rose by 3.15 percent.
In contrast, PT AKR Corporindo (AKRA) led the losses, falling by 7.11 percent. PT ESSA Industries (ESSA) dropped by 4.17 percent while PT Aneka Tambang (ANTM) lost 3.62 percent.
Investor sentiment was clouded by concerns over global economic developments, especially the United States Federal Reserve’s meeting later this week. Investors await signals from the Federal Open Market Committee (FOMC) regarding potential interest rate decisions, with a formal announcement scheduled for Jan. 30.
The market is closely watching the release of December's non-farm payrolls data, which is anticipated to show a notable slowdown in US job growth. Adding to the uncertainty, the upcoming inauguration of president-elect Donald Trump on Jan. 20 is expected to amplify market volatility.
Some investors still hope for the January effect, a seasonal rally typically seen in early January. However, the prospects for a strong rebound in the IDX Composite appear limited as foreign investors pull funds from the market.
