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IDX Composite slumps 1.11% after US raises import tariffs
The IDX Composite closed lower on Monday, falling by 1.11 percent after United States President Donald Trump announced an increase in import tariffs on Canada, Mexico and China.
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Down at closing: A screen at the Indonesia Stock Exchange (IDX) in Jakarta shows stock quotes on Jan. 2, 2025. The IDX Composite Index fell by 1.11 percent to close at 7,030 on Feb. 3, 2025. (Antara Foto/Hafidz Mubarak A)
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he Indonesia Stock Exchange (IDX) Composite index ended lower on Monday, shedding 1.11 percent to close at 7,030. The index remained in negative territory throughout the session, hitting an intraday low of 6,993.
Total trading volume reached 15.34 billion shares, with a transaction value of Rp11.32 trillion (US$740 million). Of the 803 stocks traded, 461 declined, 168 advanced and 174 remained unchanged.
The market saw widespread selling pressure, with 10 out of 11 sectoral indices closing lower. The healthcare sector suffered the most significant decline, at 2.68 percent, followed by the basic materials sector, which fell 1.76 percent and the property and real estate sector, down 1.75 percent.
The technology sector was the only gainer, climbing 1.9 percent, as investors sought refuge in digital stocks amid market volatility.
The top performing stocks in the LQ45 index were PT Ciputra Development (CTRA) which advanced 1.02 percent. It was followed by PT XL Axiata (EXCL) that gained 0.88 percent, and PT Industri Jamu dan Farmasi Sido Muncul (SIDO) that rose by 0.87 percent.
On the losing end, PT Merdeka Copper Gold (MDKA) plunged 7.35 percent, while PT Amman Mineral Internasional (AMMN) and PT Adaro Mineral Indonesia (ADMR) dropped 5.98 percent and 5.97 percent, respectively.
The market downturn followed renewed concerns over United States import tariffs.
US President Donald Trump has implemented long-planned tariff hikes on imports from Canada, Mexico and China, which are set to take effect on Tuesday. With total US trade with these three nations reaching $1.6 trillion annually, analysts warn that the policy could disrupt global supply chains.
Following the announcement, the US Dollar Index (DXY) surged above 109, shaking financial markets, including the IDX Composite and Indonesian rupiah.
