Indonesian Shares Steady with Protest in Focus

Indonesian equities were little changed on Thursday morning deals, hovering around 6,412 after declines in the prior two sessions. Gains in healthcare, cyclicals, and industrials were offset by weakness in basic materials, financials, and technology. Investors kept an eye on planned protests in Jakarta later today, where demonstrators are urging parliament to pass the Asset Forfeiture Bill to bolster anti-corruption efforts. Attention also turned to upcoming domestic data next week, including August inflation and July trade figures. U.S. sentiment provided some lift as futures rallied after Nvidia’s blowout earnings, with Q2 revenue more than doubling and beating forecasts by the widest margin in two years. Alamtri Resources rose 3.4%, followed by Indika Energy (3.0%), Darma Henwa (1.9%), and Bukit Asam (1.7%). On the downside, Telkom Indonesia slipped 1.2%, along with Bank Negara Indonesia (-1.1%), Surya Citra Media (-1.0%), and Kalbe Farma (-0.6%).

Indonesian shares slipped 21 points, or 0.3%, to 6,482 in early Wednesday trade, marking the second straight session of losses as investors returned from a holiday. Sentiment was dampened by weaker U.S. equity futures ahead of Nvidia’s earnings, while Washington weighed fresh trade measures against Canada. Locally, the Indonesian bourse announced plans to cut the minimum share price limit from IDR 50 to IDR 1 by September 7, a move aimed at boosting liquidity but prompting caution among traders about potential asset impacts. Meanwhile, several key domestic data will be due next week, including August inflation and July trade performance. Still, losses were partly cushioned by strong July digital transaction volumes, with rapid adoption of QRIS payments by Bank Indonesia supporting optimism. Sectoral pressure came from transport, energy, and property, with notable laggards including Indosat (-3.4%), Medco Energi (-2.9%), Bank Rakyat Indonesia (-1.6%), and Charoen Pokphand (-1.0%).

Indonesia’s IDX Composite fell 18 points or 0.2% to 6,511 in Monday morning trade, snapping a two-day advance as selling pressure weighed on transport, cyclicals, and tech. Sentiment was cautious as U.S. stock futures weakened ahead of a press briefing by U.S. Treasury Secretary Scott Bessent later today to outline additional sanctions on Iran. Locally, concerns over high borrowing costs resurfaced following a cumulative 100bps rate hike between May and June. At the same time, the current account deficit widened to a record high on shrinking goods surplus and rising energy import costs. Still, losses were partly offset by resilience in the digital economy, with Bank Indonesia reporting that QRIS (Quick Response Code Indonesian Standard) transactions surged 82.4% in July, underscoring rapid adoption of cashless payments. Early gainers included Hartadinata Abadi (3.4%), Solusi Digital (2.9%), Indika Energy (2.2%), and Aneka Tambang (1.9%). Markets will be closed Tuesday for a holiday.