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Indonesia’s stock market plunges while others shine
Analysts suggest a downturn of the Indonesia Stock Exchange (IDX) Composite index, which gained momentum with a sudden plunge on Tuesday prompting a brief suspension of trade, is driven by a general sense of uncertainty rather than by fundamental weakness.
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Two men watch stock prices at the Indonesia Stock Exchange (IDX) in Jakarta on March 18, 2025. (AFP/Bay Ismoyo)
T
he Indonesia Stock Exchange (IDX) Composite index tumbled 3.84 percent to 6,223 points on Tuesday, recovering only slightly from a plunge of more than 5 percent in the morning trading session that triggered a 30-minute trading halt.
The suspension was the first one since the coronavirus pandemic and came after the index was at one point down 7.1 percent, before staging a partial rebound in the afternoon session.
The sudden drop prompted House of Representatives Deputy Speaker Sufmi Dasco Ahmad, a senior figure in President Prabowo Subianto’s Gerindra Party, to pay a visit to the IDX building in the afternoon, accompanied by several legislators.
Tuesday, when the bourse recorded Rp 2.5 trillion (US$153 million) in net sales by foreign investors, extended the market’s losing streak to four consecutive trading days, bringing total losses to 6.9 percent.
Since the start of the year, the IDX Composite has shed some 12.1 percent, with foreign investors offloading Rp 29.4 trillion in net sales.
This contrasts with the wider region, where equities have been posting gains in recent days.
