The Indonesian stock index IHSG declined by 34.14 points or 0.55% to 6,158.78 at around 12:00 WIB on October 7, weighed down by multiple sector losses and selected stocks.
Market action and sector performance
The IHSG opened Session I at 6,210.42 and briefly reached a high of 6,214.76 before reversing downwards to the 6,170-an range. It later rebounded around 6,200 but entered midday trade in a sideways range between 6,150 and 6,170. The lowest level recorded during the session was 6,146.02.
Declining stocks outnumbered advancing shares, with 357 falling, 227 rising and 329 unchanged. The energy sector led losses with a 2.4% decline, followed by property down 1.4%, and infrastructure falling 1.1%.
Notable stock contributors and trading volume
Among the stocks weighing on the index were PT Bayan Resources Tbk, PT Bank Central Asia Tbk, PT Mora Telematika Indonesia Tbk, PT United Tractors Tbk, and PT Dian Swastatika Sentosa Tbk. Stocks supporting the decline included PT Bank Rakyat Indonesia (Persero) Tbk, PT Telkom Indonesia (Persero) Tbk, PT Sinar Mas Multiartha Tbk, and PT Capital Financial Indonesia Tbk.
Trading volume totaled 212.49 million lots, with a transaction value of approximately Rp4.77 trillion during the session.
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Global and monetary policy backdrop
Investor sentiment was influenced by developments in global stock markets and monetary policy expectations. Asian indexes moved variably on the day, with Japan’s Nikkei 225 roughly flat, South Korea’s Kospi falling 0.57%, and Australia’s S&P/ASX 200 declining 0.13%.
Market focus was on the upcoming release of the Federal Open Market Committee September minutes, scheduled for 01:00 WIB early the next day. The minutes were expected to clarify the rationale behind the Fed’s recent 25 basis point rate increase to a range of 3.75%-4.00%, the first hike since 2023.
September projections showed that 16 of 18 FOMC officials anticipated at least one more 25 basis point increase this year. The committee’s communication was expected to influence the US dollar and risk asset prices, with a tighter stance potentially supporting the dollar and pressuring risk assets, while concerns about economic slowdown could ease market worries.
Related: IHSG falls 0.75 percent as investors await Fed meeting minutes
