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IDX Composite falls 1.4% in downward trend amid local, global tensions
In addition to growing worries over a global trade war, analysts say negative sentiment over Prabowo's sweeping budget cut policy contributed to the IDX Composite’s 1.4 percent decline on Monday.
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An electronic display on the main trading floor of the Indonesia Stock Exchange (IDX) in Jakarta shows stock movements on Jan. 2, 2025. The IDX Composite declined 1.4 percent to close at 6,648.14 on Feb. 10. (Antara Foto/Hafidz Mubarak A)
The Indonesia Stock Exchange (IDX) Composite continued its downward trend on Monday, declining 1.40 percent to close at 6,648.14.
The day’s trading volume reached 16.99 billion shares with a total value of Rp 11.10 trillion (US$680 million).
Of the traded stocks, 194 increased, 407 declined and 193 remained unchanged.
Only two sectors closed in positive territory: The health sector rose 0.22 percent while the basic materials sector edged up 0.15 percent.
In contrast, infrastructure recorded the greatest decline at 3.09 percent, followed by energy with a 2.43 percent drop and the financial sector was down 1.29 percent.
On the LQ45 index, the top gainers were PT Unilever Indonesia (UNVR) with 5.61 percent, followed by PT Merdeka Copper Gold (MDKA) gaining 4.93 percent and PT Kalbe Farma (KLBF), up 4.35 percent.
Conversely, the top losers were PT Indosat (ISAT) with a sharp decline of 13.51 percent, followed by PT Telkom Indonesia (TLKM), down 5.79 percent, and PT Bank Jago (ARTO), down 4.72 percent.
Nico Demus, an analyst at Pilarmas Investindo Sekuritas, attributed the downward trend to negative sentiment over President Prabowo’s sweeping budget cut policy, which investors viewed as a potential risk to economic stability.
"The budget cuts are still being interpreted negatively," Nico said on Monday, as quoted by Kumparan.com.
Bank Danamon economist Hosianna Situmorang pointed to disappointing financial performance in the banking sector as a contributing factor.
"Yes, it’s still the impact of adjustments on financial report releases, so foreigners are still net selling in the stock market," Hosianna said on Monday, as quoted by CNBC Indonesia.
As for external pressure, United States President Donald Trump’s announcement on a 25 percent tariff for all steel and aluminum imports has escalated trade tensions, with countries like China implementing retaliatory tariffs on certain US exports.
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