IDX Composite Extends Losing Streak as March Drop Nears 14%

Indonesia’s IDX Composite edged down 17 points, or 0.2%, to 7,075 in Tuesday morning trade, marking a fourth consecutive decline as weakness in transport and financials weighed. Sentiment stayed cautious ahead of key domestic data releases, including March inflation and February trade figures. Inflation in February stood at 4.76%, a near three-year high and above Bank Indonesia’s target, while January imports surged ahead of Ramadan and Eid al-Fitr. Notable laggards included Perusahaan Gas Negara (-3.2%), Astra International (-2.4%), United Tractors (-2.2%), and Bank Negara Indonesia (-1.3%). For March, the market is on track for a third monthly drop, tumbling about 13.7% so far, pressured by internal and external headwinds, including escalating Middle East tensions, the rupiah weakness, and early signs of cost-push inflation, particularly in fuel-sensitive sectors like aviation. Meanwhile, equity breadth remains weak, underscoring heightened sensitivity to global developments.

Indonesian shares fell 90 points, or 1.2%, to 7,010 in Monday morning trade, marking a third straight decline as U.S. stock futures weakened amid the prolonged Middle East conflict, raising risks of inflation and global recession. Markets now imply 12bps of Fed tightening this year, a sharp shift from 50bps of cuts priced a month ago, Reuters reported. Caution also mounted ahead of key domestic releases this week, including March inflation and February trade data. Inflation rose to 4.76% in February, a near three-year high and above Bank Indonesia’s target. Meanwhile, January imports surged ahead of Ramadan and Eid al-Fitr, straining the trade balance. Still, losses were offset by new central bank measures to curb rupiah speculation, effective April 1st. Declines were broad-based, led by financials, cyclicals, and property. Among top laggards were MD Entertainment (-7.4%), Buana Lintas Lautan (-4.7%), Vale Indonesia (-4.7%), Chandra Asri Pacific (-4.5%), and Transcoal Pacific (-4.3%).

Indonesia’s IDX Composite fell 71 points, or 1%, to 7,091 in early Friday trade, extending weakness in the prior session after an overnight Wall Street slump as U.S. President Trump escalated pressure on Iran, warning of continued military action and even control of its oil. Local markets are on track for a fifth straight weekly decline, down 0.2% so far, amid vigilance ahead of March inflation and February trade data. On the corporate front, domestic airlines are seeking approval for a 15% hike in fuel surcharges and airfare caps as costs surge, signaling early cost-push inflation. Still, losses were partly cushioned by reports of an additional IDR 100 trillion liquidity injection into state-owned banks, lifting total support to IDR 300 trillion to sustain credit growth. Sectoral weakness was broad, led by infrastructure, transport, and financials. Notable laggards included Sumber Alfaria Trijaya (-4.1%), Adaro Andalan Indonesia (-2.5%), Indosat (-2.3%), and Bank Central Asia (-2.0%).