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IDX Composite closes below 6,000 amid global market gloom
The main gauge of Indonesian stock prices has dropped below the psychologically meaningful mark for the first time in more than a month, after news from Wall Street soured the mood on global equity markets.
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Workers repair signage on the Indonesia Stock Exchange (IDX) building in Jakarta in February 2020. The IDX Composite Index closed down more than 2 percent on Thursday and has made no headway so far this year. (JP/Wendra Ajistyatama)
T
he Indonesia Stock Exchange’s (IDX) Composite Index, the main gauge of the local bourse, has dropped below the 6,000 mark for the first time in more than a month after shedding 2.06 percent to close at 5,992.32 points on Thursday.
The loss was in line with other Asian markets, which gave back recent gains following a lower Wall Street close the day before.
Big movers in Jakarta included recently listed e-marketplace Bukalapak, which trades under the ticker symbol BUKA, but its 7.83 percent daily gain to Rp 895 did little to improve the overall picture or to move its own price far from the initial public offering (IPO) level. The financial sector dragged the overall market down as it lost more than others, closing down 2.45 percent.
Unlike European and US stock markets, which have achieved solid gains this year, the IDX Composite is up just 0.22 percent from where it began in 2021.
Read also: Asian shares fall, dollar gains after Fed minutes
US stocks, which are close to all-time highs, slid chiefly because investors interpreted minutes from the July meeting of the Federal Open Market Committee as pointing to a winding down of stimulus measures by the Federal Reserve this year.
The S&P 500 index lost 1.07 percent in its worst day since mid-July, the Dow Jones Industrial Average declined 1.08 percent and the NASDAQ Composite index was down 0.89 percent at Wednesday’s close. Futures for all three pointed to additional losses ahead of the opening of US markets on Thursday.
