Indonesian Stocks Extend Slide to 4-Month Low

Indonesia’s IDX Composite dipped 54 points, or 0.9%, to 5,884 in early Tuesday trade, marking the second straight session of losses and notching a four-month low. Sentiment weakened further as U.S. stock futures retreated after a Wall Street tech selloff overnight spilled into Asian markets ahead of key inflation data. Caution also prevailed ahead of CPI, PPI, and trade reports in top trading partner China later this week. Locally, concerns persisted over a pending Financial Services Authority probe into alleged price manipulation in energy stocks. Uncertainty surrounding MSCI’s review of Indonesian equities and persistent rupiah weakness added to the pressure. Losses were broad across cyclical stocks, basic materials, infrastructure, and energy, although selective buying in fundamentally strong companies helped temper the downside. Notable laggards included Indah Kiat Pulp & Paper (-5.5%), Japfa Comfeed (-5.0%), Perusahaan Gas Negara (-3.5%), and Bank Rakyat Indonesia (-2.3%).

Indonesian stocks fell 0.3% to 6,077 in Monday morning deals, easing after a prior rally as infrastructure, financials, and transport weighed. Sentiment turned cautious after U.S. President Donald Trump said he may join Saudi Arabia in retaliating against Tehran-backed Houthis following a deadly attack on Riyadh’s main airport over the weekend. Traders also vigilantly awaited CPI/PPI and trade data from main trading partner China due later this week as activity resumed after a major break. Locally, inflation risks stayed in focus after September figures hit a three-month high of 3.28%, with food prices expected to remain a key driver through year-end. Still, losses were limited by August retail sales, which posted their fastest growth in five months amid continued government support measures to cushion households against cost pressures. Notable laggards included Gojek Tokopedia (-6.7%), XL Smart Telecom (-3.4%), Mitra Adiperkasa (-2.3%), and Indika Energy (-2.2%).

Indonesian shares added 18 points, or 0.3%, to 6,047 in early Friday trade, rebounding from two sessions of weakness as U.S. futures firmed after President Trump pledged no military action against Iran before the Nov. 3 midterms, with public support for war fading. Locally, sentiment improved on hopes of fresh Q4 stimulus to safeguard purchasing power. However, gains were capped by softer September consumer confidence after August’s three-month high, weighed by rising food and non-subsidized fuel costs. Traders also awaited China’s post-Golden Week data, including CPI, PPI, and trade figures. Basic materials, infrastructure, and financials advanced, offset by losses in healthcare, property, and cyclicals. Standout movers included Sarana Menara Nusantara (4.1%), Hartadinata Abadi (2.9%), and Telkom Indonesia (2.2%). For the week, domestic markets inched up 0.2% so far, attempting to reverse losses in the prior four sessions, with focus now on August retail sales data due later today.