Indonesia Shares Track Back-to-Back Weekly Losses
Indonesia’s IDX Composite added 27 points or 0.4% to 6,488 in Friday morning trade, extending prior gains after Wall Street’s overnight rally as oil prices eased and Treasury yields slipped in the wake of the Fed’s rate hike shock. Meanwhile, Finance Minister Suahasil Nazara vowed to uphold a credible budget, with economists noting his fiscal expertise and long tenure at the ministry Strength in energy, tech, and basic materials underpinned the advance, though losses in financials and infrastructure capped momentum. Notable movers included Mitra Adiperkasa (3.4%), Medco Energi (1.6%), Hartadinata Abadi (1.4%), and Vale Indonesia (1.1%). However, the market remains on track for a second consecutive weekly decline, down about 0.8% so far, pressured by inflation concerns tied to higher oil and looming El Niño risks. Caution also lingered ahead of Bank Indonesia’s policy meeting next week, with renewed rupiah weakness and signs of foreign outflows weighing on sentiment.
4% to 6,488 in Friday morning trade, extending prior gains after Wall Street’s overnight rally as oil prices eased and Treasury yields slipped in the wake of the Fed’s rate hike shock. Meanwhile, Finance Minister Suahasil Nazara vowed to uphold a credible budget, with economists noting his fiscal expertise and long tenure at the ministry Strength in energy, tech, and basic materials underpinned the advance, though losses in financials and infrastructure capped momentum. 1%). 8% so far, pressured by inflation concerns tied to higher oil and looming El Niño risks.
Caution also lingered ahead of Bank Indonesia’s policy meeting next week, with renewed rupiah weakness and signs of foreign outflows weighing on sentiment.