Indonesian Shares Poised for Fourth Weekly Loss

Indonesian stocks slipped 27 points, or 0.5%, to 5,984 in Friday’s early trade, marking a sixth straight decline and hovering near their lowest since mid-July, as selling hit tech, transport, and infrastructure. Caution lingered ahead of key domestic data next week, including September forex reserves, consumer confidence, and August retail sales. With Chinese markets shut for Golden Week, local sentiment lacked external cues, though stronger U.S. stock futures helped cap losses after Wall Street ended little changed overnight. Among notable laggards were Solusi Sinergi Digital (-9.3%), Sumber Alfaria Trijaya (-2.3%), and Amman Mineral (-2.1%). The index is on track for a fourth weekly drop, down nearly 4% so far, dragged by a weak rupiah and inflation worries after September headline inflation accelerated to a three-month high, driven by food costs under El Niño. Elevated crude oil prices added risks for Indonesia, a net oil importer, by raising import costs and fiscal strain.

Indonesian stocks slipped 16 points, or 0.3%, to 6,056 in Thursday morning trade, the first session of October, marking a sixth straight decline. Investors stayed cautious ahead of key domestic releases later today, including August trade and September inflation. July saw a modest trade surplus that ended two months of deficits, but August inflation accelerated as food prices rose sharply under El Niño’s impact. Rising global oil prices amid U.S.–Iran tensions also stoked fears of tighter monetary policy for longer, including in Indonesia. Still, losses were limited by a rebound in factory activity, with September’s S&P Manufacturing PMI climbing to a seven-month high on stronger output, new orders, and exports. Sectoral weakness in tech, industry, and healthcare outweighed gains in energy, cyclicals, and financials. Gojek Tokopedia plunged 12.5%, extending its recent slump, while United Tractors (-4.2%), AKR Corp. (-1.4%), and Mitra Adiperkasa (-1.0%) also dragged the index lower.

Indonesia’s IDX Composite climbed 63 points, or 1.0%, to 6,184 in early Wednesday trade, halting weakness in the prior four sessions as U.S. stock futures firmed ahead of a key inflation print that could shape the Fed’s rate path. Momentum was also lifted by stronger activity in top trading partner China, as manufacturing and services accelerated in September, particularly in tech and consumer industries. Locally, Finance Minister Suahasil Nazara told lawmakers the state budget was designed with prudence and credibility to buffer the economy against persistent global uncertainty, further bolstering sentiment. Gains were broad-based, led by industrials, basic materials, energy, and infrastructure. Standouts included Rukun Raharja (6.1%), Sentul City (5.5%), and United Tractors (5.4%). Despite the upturn, the market is on track for its first monthly drop in three months, down about 5.4% so far, weighed by inflation concerns, rupiah weakness, and the fiscal strain of higher oil prices.