More Chinese firms will enter the Indonesian market as they face a weaker domestic economy back home and increased restrictions to enter European and United States markets, HSBC said.

The US company in the fourth quarter lost its crown as the world's biggest electric vehicle seller to China's BYD, but during the first 10 months of 2023 both companies grew their share of a slowing and highly competitive Chinese EV market.

Asian shares tracked Tokyo higher on Monday as AI hype helped the tech sector ahead of a week brimming with central bank meetings, major economic data and corporate earnings.

The Indonesia Stock Exchange (IDX) Composite (IHSG) closed at 7,227.40, losing 25.56 points or 0.35 percent, on Friday. It recorded a 0.19 percent decline for the week.

The Indonesia Stock Exchange (IDX) Composite maintained its position in the green zone on Thursday, rising 52.33 points, or 0.73 percent, to close at 7,252.96.

The Energy and Mineral Resources Ministry aims to auction 10 oil and gas working areas this year and offer companies a better deal for higher-risk areas.

IDX Composite closed 0.26 percent higher to 7,242.78 on Tuesday. The index was down over 1 percent in the past week, while mutual funds rose.

The dollar rose on Tuesday as investors pared back bets on near-term rate-cuts by the US Federal Reserve following hawkish comments from European Central Bank officials, while worries of more attacks on ships in the Red Sea weighed on risk sentiment.

The IDX Composite declined 0.24 percent to close at 7,224 on Monday, when Statistics Indonesia published its December 2023 data on the trade balance and the central bank released its November 2023 data on external debt.

The government is considering compressed natural gas (CNG) as an alternative to reduce Indonesia’s dependence on costly imports of liquefied petroleum gas (LPG) to meet domestic needs.

China stocks and bonds struggled for direction on Monday after the central bank surprised markets by leaving the interest rate unchanged when rolling over maturing medium-term policy loans.

The IDX composite strengthened by 0.29 percent to close at 7,241.13 on Friday after the US published consumer price data for December 2023.

Oil prices surged Friday after US and UK forces launched strikes against Iran-backed Huthi rebels in Yemen following attacks on ships in the Red Sea, fueling worries about a wider conflict in the crude-rich region.

Asian stocks rose on Thursday ahead of US inflation data that could influence the Federal Reserve's thinking on rate cuts, while the crypto world got a boost after exchange-traded funds (ETFs) to track bitcoin were approved in the United States.

The Indonesia Stock Exchange (IDX) Composite rebounded 0.38 percent to 7,227.29 on Wednesday ahead of United States consumer price index data, as the World Bank forecasts slower global growth this year.

IDX Composite plummeted by 1.23 percent to 7,200.20 on Tuesday, with an analyst suggesting that investors consider stocks with strong fundamentals amid a possible market correction.

The IDX Composite index saw an overall declining trend on Monday as it dropped 0.91 percent to close at 7,283.57, after market sentiment responded to a reported surge in Bank Indonesia's December 2023 forex reserves to $146.4 billion.

Bank Indonesia said that December's forex reserves remained sufficient to support 6.5 months of imports and payments of the government's short-term debt.

Asian share markets dawdled on Monday as investors braced for US and Chinese inflation data, along with a corporate reporting season where robust results are needed to justify high stock valuations.

The IDX Composite fell by 0.12 percent to 7,350.61 on Friday. The financial sector led the gains, while the health sector suffered the biggest loss.

US job growth likely moderated in December, while the increase in annual wages probably slowed to below 4 percent for the first time in 2-1/2 years, potentially drawing the Federal Reserve a step closer to start cutting interest rates.

Industry insiders and experts believe commodity prices will continue their downward trend this year from the multiyear highs recorded in 2022 but settle at a higher level than where they were before COVID-19 disrupted markets.

The IDX Composite broke the previous record it booked on the second day of 2024 by closing on Thursday at 7,359.76 points, with only the technology and health sectors showing a dip.

The rate of natural decline in Indonesian oil wells hovered around 1.2 percent in 2023, much lower than the between 6 and 7 percent it had been in past years.

The dollar edged higher on Thursday as investors reassessed their expectations of the scale of rate cuts by the Federal Reserve this year, with an air of caution hanging over markets after an impressive risk rally last month.

Asian markets fell Wednesday in line with a sell-off across most of the world as traders took their cash off the table after a blockbuster end to 2023, with eyes now on the release this week of Federal Reserve minutes and US jobs data.

The Indonesia Stock Exchange (IDX) Composite (IHSG) concluded the first trading session of 2024 on a positive note, gaining 50.79 points, or 0.70 percent, to finish at 7,323.58.

There were also losses in Seoul, Singapore, Taipei and Jakarta, though Sydney and Manila edged up.

Banking, telecommunications and consumer goods are expected to propel the Indonesian bourse to a new all-time high this year, with bullish scenarios forecasting a breakthrough into the 8,000 range.

The dollar looked set on Friday to end 2023 with a loss, reversing two straight years of gains, dragged by market expectations that the US Federal Reserve could begin easing rates as early as next March.