Indonesia's stock market retreated on Thursday, with the IDX Composite Index finishing the session down 1.97% and settling at a three-month trough. The pullback was driven by declines across several major sectors, notably Infrastructure, Financials and Agriculture.
The session displayed a stark divergence between a handful of high-percentage gainers and a broad swath of decliners. On the winners' side, Asia Sejahtera Mina Tbk (JK:AGAR) led the advances, jumping 24.46% or 68.00 points to close at 346.00. Geoprima Solusi Tbk PT (JK:GPSO) added 24.47% or 115.00 points to reach 585.00, and Argo Pantes Tbk (JK:ARGO) rose 20.36% or 225.00 points to finish at 1,330.00.
By contrast, the session's largest losses were concentrated among several other names. Pt Intra Golflink Resorts Tbk (JK:GOLF) fell 15.00% or 48.00 points to end at 272.00. PT VKTR Teknologi Mobilitas (JK:VKTR) declined 14.93% or 165.00 points to close at 940.00, and PT Royaltama Mulia Kontraktorindo Tbk (JK:RMKO) slid 14.89% or 195.00 points to 1,115.00.
Market breadth was negative. Falling stocks outnumbered advancing ones on the Jakarta Stock Exchange by 606 to 180, while 61 issues finished unchanged. Notably, Asia Sejahtera Mina Tbk (JK:AGAR) reached a 52-week high during the session, closing at 346.00 after its 24.46% gain.
Commodities and currencies moved alongside the equity market. Crude oil for March delivery rose 1.60% or 1.01 to $64.22 a barrel. Brent oil for April delivery increased 1.41% or 0.95 to $68.32 a barrel. The April Gold Futures contract added 4.11% or 219.64 to trade at $5,559.84 a troy ounce.
Currency pairs showed mild strength for the Indonesian rupiah against major peers reported in the session. USD/IDR was up 0.17% at 16,740.80, while AUD/IDR rose 0.72% to 11,841.33. The US Dollar Index Futures moved lower, down 0.28% at 96.00.
Summary
The IDX Composite fell 1.97%, marking a three-month low as losses in Infrastructure, Financials and Agriculture pressured the market. Select small-cap names posted sizeable gains while a larger number of stocks declined. Commodity and currency moves accompanied the equity downturn.
Key points
- IDX Composite declined 1.97% to a three-month low, with Infrastructure, Financials and Agriculture leading sector losses.
- Top gainers included AGAR (+24.46% to 346.00), GPSO (+24.47% to 585.00) and ARGO (+20.36% to 1,330.00); top losers were GOLF (-15.00% to 272.00), VKTR (-14.93% to 940.00) and RMKO (-14.89% to 1,115.00).
- Commodities firmed and currency moves were modest: Brent and WTI prices rose, gold futures jumped, USD/IDR and AUD/IDR both moved higher, and the US Dollar Index Futures eased.
Risks and uncertainties
- Broad market weakness - The heavy imbalance between decliners and advancers (606 vs 180) suggests continuing downside pressure across the market.
- Sector-specific volatility - Notable declines in Infrastructure, Financials and Agriculture signal uncertain near-term performance for companies in those sectors.
- Commodity and currency sensitivity - Rising oil and gold prices and shifts in USD/IDR and AUD/IDR introduce additional variables that may affect corporate costs and investor sentiment.