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IDX Composite sinks to lowest level in over six months
The IDX Composite index dropped 2.12 percent on Thursday, reaching its lowest level since June.
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Taking a plunge: A screen at the Indonesia Stock Exchange (IDX) in Jakarta shows stock quotes on Jan. 2, 2025. The IDX Composite Index sank to its lowest in over since months, after plunging 2.12 percent to close at 6,875.53 on Feb. 6, 2025. (Antara Foto/Hafidz Mubarak A)
T
he Indonesia Stock Exchange (IDX) Composite index sank deeply on Thursday, plunging 2.12 percent to close at 6,875.53. This marked the steepest decline since the start of the year, pushing the index to its lowest level since June 24, 2024.
The total trading volume for the day reached Rp 20.2 billion (US$1.24 million), with a transaction value of Rp 13.7 trillion. Of the 800 stocks traded, 428 stocks declined, 176 stocks rose and 196 stocks remained unchanged.
It was dragged down by losses in most sectors, with the basic sector leading the decline, falling by 2.43 percent. The finance sector followed, losing 2.24 percent, while the industrials sector dropped by 2.14 percent.
The top losers in the LQ45 index were PT Bank Mandiri (BMRI), which plunged 7.69 percent, PT Ciputra Development (CTRA), which fell by 5.95 percent and PT Bank Negara Indonesia (BBNI), which dropped by 4.67 percent.
On the other hand, PT Kalbe Farma (KLBF), which rose by 7.44 percent, was the best performer in the LQ45. It was followed by PT Mitra Adiperkasa (MAPI), which gained 5.04 percent, and PT Sumber Alfaria Trijaya (AMRT), up 1.02 percent.
Bank Central Asia economist Barra Kukuh Mamia said the decline was primarily driven by the latest gross domestic product (GDP) data and continued foreign fund outflows.
"It seems that foreign investors are reducing their exposure to Indonesia after the release of the GDP data and several banks' earnings reports," Barra said, as quoted by cnbcindonesia.com.
Mirae Asset Sekuritas Indonesia senior economist Rully Wisnubroto said foreign investors remain cautious with selling pressure on large banking stocks.
"Foreign selling, especially in banking stocks, has been aggressive, reflecting the ongoing market pressure," Rully said.
Concerns over global economic uncertainty, particularly from the ongoing trade war between the United States and China, also weigh on investor sentiment. The conflict arises from US President Trump's import tariff policies starting on Tuesday, which China responded to by increasing import tariffs.
