Indonesia Shares Fall Again, Second Monthly Decline in Sight

Indonesian stocks dipped 58 points, or 0.7%, to 8,174 in Friday morning trade, marking a second straight loss amid weakness in U.S. futures after Wall Street closed mostly lower overnight, with Nvidia’s strong earnings results failing to lift investors' sentiment. Caution also persisted ahead of key domestic releases next week, including February inflation and January trade data, while China’s upcoming PMI readings added concern that the week-long Spring Festival may weigh on factory and services activity. On the trade front, U.S. President Trump imposed a 104% tariff on Indonesian solar products, citing subsidies that hurt U.S. producers. Most sectors in the IDX Composite slipped, led by energy, financials, and transport. Notable laggards included United Tractor (-3.5%), Indofood Sukses Makmur (-2.6%), and Barito Pacific (-1.5%). The market is heading for its first weekly drop in three, contributing to a second consecutive monthly decline, down about 1.7% so far.

Indonesia’s IDX Composite slipped 58 points, or 0.7%, to 8,268 in early Thursday trade, erasing prior-session gains and mirroring weakness in U.S. futures amid persistent concerns over U.S.–Iran tensions. Sentiment was further weighed by caution ahead of key domestic releases next week, including February inflation and January trade data. Meanwhile, authorities are reportedly monitoring labor conditions after reports of mass layoffs in the key manufacturing sector in East Java, ahead of the festive season. Still, losses were partly cushioned by news that Eid-ul-Fitr allowances for civil servants have been finalized and await presidential approval, a measure expected to bolster seasonal consumption and travel. All sectors traded lower, with transport, healthcare, and basic materials under pressure. Notable laggards included Merdeka Copper Gold (-6.8%), Semen Gresik (-2.6%), Medco Energi (-2.3%), and Surya Citra Media (-1.4%).

Indonesian stocks advanced 47 points, or 0.6%, to 8,328 in Wednesday’s morning session, rebounding from a steep loss the day before on the back of Wall Street’s overnight strength amid renewed optimism in the AI sector ahead of U.S. President Trump’s State of the Union address. Meanwhile, local media reported that the Finance Ministry will extend liquidity injections to banks for another six months, with central bank support, to safeguard financial stability as Eid al-Fitr celebration approaches. In key trading partner China, the PBoC kept loan prime rates at record lows for a ninth straight month to bolster growth. Gains in Jakarta were capped, however, by caution ahead of domestic data releases next week, including February inflation and January trade figures. Healthcare, basic materials, and cyclicals strengthened, but technology and energy lagged. Early movers included Alamtri Minerals (5.0%), Vale Indonesia (4.3%), Indosat (3.4%), Mitra Adiperkasa (1.7%), and Aneka Tambang (1.4%).