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IDX Composite extends decline, dropping by 0.86%

The IDX Composite continued its downward trend on Tuesday, falling by 0.86 percent. Foreign capital outflows put significant pressure on the index.

News Desk (The Jakarta Post)
Jakarta
Tue, January 14, 2025

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IDX Composite extends decline, dropping by 0.86% A screen at the Indonesia Stock Exchange (IDX) in Jakarta shows stock quotes on Jan. 2, 2025. The IDX Composite continued its downward trend, falling by 0.86 percent to close at 6,956.66 on Jan. 14, 2025. (Antara Foto/Hafidz Mubarak A)

T

he Indonesia Stock Exchange (IDX) Composite index finished in the red on Tuesday, falling by 0.86 percent to settle at 6,956.66, leaving the 7,000-level.

The total trading volume was 16.42 billion shares, with a transaction value of Rp 10.03 trillion (US$615.72 million). Of the 802 stocks traded, 298 declined, 294 rose and 210 remained unchanged.

The healthcare sector led the decline, dropping by 1.36 percent, followed by the primary consumer goods sector, which fell by 0.94 percent. The financial sector also lost 0.89 percent, while the industrial sector slid 0.54 percent. The infrastructure sector weakened by 0.34 percent.

On the positive side, six sectors posted gains. The technology sector was the top performer, surging by 1.51 percent. The basic materials sector jumped 0.88 percent, while the energy sector climbed 0.83 percent. The transportation and logistics sector rose 0.63 percent, the property and real estate sector gained 0.34 percent, and the non-primary consumer goods sector increased by 0.31 percent.

The top gainers on the LQ45 index were PT Merdeka Copper Gold (MDKA), which surged 10.85 percent, PT Vale Indonesia (INCO), which rose by 7.29 percent, and PT Merdeka Battery Materials (MBMA), up 5.77 percent.

The biggest losers were PT Semen Indonesia (SMGR), which dropped by 4.79 percent, PT Indah Kiat Pulp & Paper (INKP), which fell by 4.10 percent, and PT Barito Pacific (BRPT), down by 3.96 percent.

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The sluggish movement of the IDX Composite is linked to continued foreign capital outflows. On Monday, the market recorded Rp 383.46 billion in net foreign sales, primarily from big-cap banking stocks such as PT Bank Rakyat Indonesia (BBRI) and PT Bank Mandiri (BMRI).

This outflow is driven by expectations of slower interest rate cuts from both the United States Federal Reserve and Bank Indonesia (BI). This was further confirmed by solid US labor market data, including higher-than-expected Non-Farm Payroll (NFP) figures and a decline in the unemployment rate.

This week, market uncertainty is expected to increase because of upcoming data releases, including US inflation, trade balances and BI's rate decision.

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