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IDX Composite plunges nearly 2% as foreign sell-offs persist
The IDX Composite index dropped by 1.93 percent on Friday, the biggest weekly decline since mid-2024.
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Down at close: A screen at the Indonesia Stock Exchange (IDX) in Jakarta shows stock quotes on Jan. 2, 2025. The IDX Composite Index closed 1.93 percent lower at 6,742.57 on Feb. 7, 2025 (Antara Foto/Hafidz Mubarak A)
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he Indonesia Stock Exchange (IDX) Composite index continued its downward trajectory on Friday, tumbling 1.93 percent to close at 6,742.57. This marks the index's steepest weekly drop since mid-2024, with a 5.16 percent decline over the past week.
Total trading volume reached 17.08 billion shares, with a transaction value of Rp 12.81 trillion (US$787 million). Market breadth remained weak, with 417 stocks declining, 191 advancing and 188 unchanged.
The decline was led by the energy sector, which recorded the steepest drop of 6.29 percent, followed by raw materials at 4.05 percent and infrastructure at 1.96 percent. The consumer staples and healthcare sectors mainly remained flat. In contrast, a handful of sectors managed to stay in positive territory, with financials rising 0.72 percent, property and real estate up 0.64 percent and technology advancing 0.41 percent.
In the LQ45 index, PT Ciputra Development (CTRA) led the gainers with a rise of 6.32 percent, followed by PT Bank Syariah Indonesia (BRIS), which climbed 4.86 percent and PT Bank Central Asia (BBCA), which rose 4.47 percent.
Meanwhile, PT Barito Pacific (BRPT) suffered the biggest loss, plunging 10.44 percent, while PT Unilever Indonesia (UNVR) and PT Map Aktif Adiperkasa (MAPA) dropped 5.63 percent and 3.83 percent, respectively.
The sharp decline in the IDX Composite coincided with continued foreign outflows, with net foreign sales totaling nearly Rp 3.3 trillion over the past four days. Analysts attribute this to rising global uncertainties, particularly concerns over United States economic policy.
Mirae Asset Sekuritas Indonesia senior investment information analyst Nafan Aji Gusta said the market remains on edge over global trade tensions.
"Market participants remain cautious due to the potential impact of Donald Trump's trade policies and their implications for emerging markets like Indonesia," said Nafan on Thursday, as quoted by cnbcindonesia.com.
Analysts warn of further downside risks with the IDX Composite index now breaking below the 6,900 support level.
"If the index breaches this level, we could see additional pressure on blue-chip stocks, leading to even lower valuations," Pilarmas Investindo Sekuritas associate director Maximilianus Nicodemus said.
