Gotrade News - Indonesia's main stock index had a rough Friday (July 24). The Jakarta Composite Index, or IHSG, closed down 1.88% at 6,196, a loss of 118.88 points and its third down day in a row. Foreign investors were behind most of the selling.
It did not help that oil had climbed above US$100 a barrel, or that Washington had just rolled out another round of tariffs. Even so, the week was not a bad one overall. The index is still up around 0.34% since Monday.
Foreign Investors Sold a Net Rp1.25 Trillion
Foreign investors sold a net Rp1.25 trillion on the day, or somewhere around US$70 million, based on Kompas figures. The spread between winners and losers was wide. 587 stocks closed lower, 104 closed higher, and another 105 did not move at all. Volume was not thin either, with 37.58 billion shares traded for a value of Rp17.60 trillion over roughly 2.24 million transactions. The market is now worth about Rp10,894 trillion in total.
Every sector finished in negative territory. The basic industry sector led the losses, sinking 3.02%.
Oil Above US$100 and US Tariffs Drive Global Risk-Off
Per Kompas, the sell-off was driven by external pressures including global oil prices topping US$100 per barrel, a new US 10% tariff policy, and inflation risks stemming from Middle East conflict. The same crude rally above US$100 is a direct tailwind for US energy majors such as Exxon Mobil (XOM) and Chevron (CVX), with ConocoPhillips (COP) also in focus as investors reposition around energy exposure.
The weakness extended across Asia. As reported by Katadata, Japan's Nikkei dropped 2.79%, China's Shanghai Composite slid 1.61%, and Hong Kong's Hang Seng eased 0.98%.
According to Katadata, commodity and mining names bore the brunt of the decline, with Petrindo Jaya Kreasi (CUAN), Archi Indonesia (ARCI) and tin miner Timah (TINS) all sliding around 7%.
Stock
Change
Close
Petrindo Jaya Kreasi (CUAN)
-7.28%
Rp700
Archi Indonesia (ARCI)
-7.05%
Rp1,055
Timah (TINS)
-7.05%
Rp3,430
Amman Mineral (AMMN)
-4.27%
Rp4,040
Bumi Resources Minerals (BRMS)
-4.10%
Rp585
Banking stocks added to the weight on the index. Bank Mandiri (BMRI) fell 5.71% to Rp4,130 and saw the most trading value of any stock, at Rp1.68 trillion. BBNI and BBRI dropped too, by 2.22% and 1.00%, and only BBCA got through the day unchanged at Rp6,275. Gains were rare. The few that rose, rose sharply. SINI was up 9.93%, MORA 3.94%, and AKR Corporindo (AKRA) 2.48%.
LQ45 and Islamic Index Also Slide
Other benchmarks fell along with the main index. The LQ45, which tracks the larger blue chips, lost 1.97% to end at 614. The Jakarta Islamic Index dropped a bit more, down 2.41% at 371, and the IDX30 was off 1.86% at 352. The figures come from Sindonews.
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