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View all search resultsIDX index on brink of 5,000 after bruising week
Foreign fund outflows and uncertainty over Indonesia’s MSCI classification pushed the Indonesian benchmark stock index close to the 5,000-point mark, while global concerns over AI spending added to selling pressure.
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An electronic display board inside the main hall of the Indonesia Stock Exchange (IDX) in South Jakarta shows an overall downward movement across most stocks during the lunch break on Jan. 29, when the IDX Composite index fell 6.3 percent after global index provider MSCI raised concerns about Indonesia's stock market. (TJP/Deni Ghifari)
Indonesia’s benchmark stock index dropped 7 percent in a week to close only just above the 5,000-point threshold on Friday.
A volatile rupiah, foreign fund outflows and uncertainty over the country’s market classification by global index provider MSCI spooked investors, alongside a global sell-off in technology stocks.
The Indonesia Stock Exchange (IDX) Composite index fell 0.80 percent to a reading of 5,057.05 on Friday, after briefly dropping below 5,000 points in the morning session.
The index opened down 0.61 percent at 5,066.94 before touching an intraday low of 4,979.34 points.
“Technically, the [IDX Composite index] has formed a long black closing marubozu candlestick pattern, indicating that selling pressure is once again dominating the market,” Mirae Asset Sekuritas senior technical analyst M. Nafan Aji Gusta wrote in a research note on Friday.
He added, however, that the potential downside was relatively limited and recommended investors now focus on selected stocks with solid fundamentals, those considered undervalued and those showing signs of a potential reversal.
“Investors should focus on selected stocks with solid fundamentals, undervalued stocks and those showing indications of a reversal, while maintaining disciplined risk management,” he said.
