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IDX green island in sea of red as global stock markets drop
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An employee walks past a screen displaying IDX Composite index prices at the Indonesia Stock Exchange building in Jakarta on July 9, 2021 (Antara/Rivan Awal Lingga)
I
ndonesian stocks stood out with strong gains on Wednesday while indexes in Asia and Europe dropped sharply and futures did not bode well for Wall Street ahead of the opening bell.
The IDX Composite index closed the trading day up 2.06 percent to 6,417.32 points, thanks to buying by foreign investors, while domestic investors sold more than they bought.
Many a blue-chip investor must have felt good about themselves as the LQ45 subindex proved particularly strong, led by Astra International’s 7.66 percent gain and a strong showing from lenders, with Bank Negara Indonesia (BNI), Bank Rakyat Indonesia (BRI) and Bank Tabungan Negara (BTN) all in the top four after daily gains of around 4 to 5 percent.
State-owned gas monopolist Perusahaan Gas Negara (PGN) was the biggest loser in the LQ45 as its stock dropped 2.36 percent.
Indonesian stocks have held up well in recent days while equity markets around the world gave back part of the gains made this year. Central Capital Futures analyst Wahyu Tri Laksono told The Jakarta Post in early September that signs of bubbles were very apparent in western stock markets following months of rapid growth. The IDX Composite, by contrast, has seen only a modest year-to-date gain.
Read also: No equity bubble in Indonesia, for now: Analysts
Japan’s Nikkey 225 shed 1.05 percent on Wednesday to close at 27,528.87 points, while Hong Kong’s Hang Seng dropped 0.57 percent to 23,966.49 points. The Shanghai Stock Exchange has been closed for a public holiday since the start of the month.
