Indonesian Stocks Poised for Steep Weekly, Monthly Decline
Indonesia’s IDX Composite plunged 95 points, or 1.9%, to 5,005 in Friday morning trade, extending prior losses and heading for a weekly drop of around 8%, reversing the previous week’s gains. Weaker U.S. stock futures hit sentiment after Alphabet suffered a historic share-price decline, dragging Wall Street lower overnight and reigniting concerns over the returns on heavy AI investments. Locally, political tensions persisted amid student protests in major cities since early October. Rupiah’s continued weakness, fiscal worries from oil prices above USD 100 per barrel, and sustained foreign net selling added to the strain. Inflation concerns also intensified ahead of next week’s October data. All sectors retreated, led by basic materials, infrastructure, transport, and energy. Major laggards included Barito Pacific (-7%), Surya Citra Media (-6.9%), and Telkom Indonesia (-2.3%). For October, the benchmark has tumbled 17.5% so far, putting it on track for a second straight monthly fall.
Indonesia’s IDX Composite plunged 95 points, or 1.9%, to 5,005 in Friday morning trade, extending prior losses and heading for a weekly drop of around 8%, reversing the previous week’s gains. Weaker U.S. stock futures hit sentiment after Alphabet suffered a historic share-price decline, dragging Wall Street lower overnight and reigniting concerns over the returns on heavy AI investments. Locally, political tensions persisted amid student protests in major cities since early October.
Rupiah’s continued weakness, fiscal worries from oil prices above USD 100 per barrel, and sustained foreign net selling added to the strain. Inflation concerns also intensified ahead of next week’s October data. All sectors retreated, led by basic materials, infrastructure, transport, and energy. Major laggards included Barito Pacific (-7%), Surya Citra Media (-6.9%), and Telkom Indonesia (-2.3%).
For October, the benchmark has tumbled 17.5% so far, putting it on track for a second straight monthly fall.