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View all search resultsIDX slides as oil shock, Fitch downgrade rattle investors
The sell-off in Jakarta mirrors a broader slide across Asian markets, where economies heavily reliant on Gulf oil shipments remain particularly sensitive to surging energy prices.
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A group of visitors takes a picture on Jan. 29 in front of a stock ticker display at the Indonesia Stock Exchange (IDX) in South Jakarta. (AFP/Yasuyoshi Chiba)
T
he Indonesia Stock Exchange (IDX) Composite Index extended its decline on Monday as global market jitters intensified amid escalating tensions in the Middle East and growing uncertainty over global trade, while a Fitch Ratings announcement added pressure.
The IDX Composite index fell by 3.27 percent to close at 7,337 points.
All sectoral indices ended the day in negative territory in line with the broader market decline, with the steepest losses recorded in the transportation sector, which fell 5.22 percent, followed by the basic materials sector, down 4.59 percent and the property sector, which dropped 4.57 percent.
The day’s top gainers among companies listed in the LQ45 index of major stocks were PT Indo Tambangraya Megah, which rose 4.9 percent, followed by PT Adaro Andalan Indonesia with a 1.5 percent increase and Bank Negara Indonesia, which was closed up 0.5 percent.
Meanwhile, the biggest losers were PT Perusahaan Gas Negara, which plunged 13.5 percent, as well as PT Japfa Comfeed Indonesia and PT Merdeka Battery Materials, both of which fell 7.7 percent.
The market has faced pressure since early March as investors digest a combination of global and domestic risk factors that have made sentiment increasingly sensitive.
Read also: South Korea to impose fuel price cap to shield economy from energy shock
