Indonesian Stocks Close Lower as Financials and Infrastructure Sectors Weigh

Indonesia's benchmark stock index closed sharply lower on Thursday, as significant declines in the financial, infrastructure, and agriculture sectors pulled the broader market down. The IDX Composite Index ended the session with a loss of 1.21%.

Broad-Based Declines

The negative sentiment was widespread across the Jakarta Stock Exchange, with falling stocks significantly outnumbering advancers. Market data showed 508 stocks declined, while only 173 managed to post gains, and 150 remained unchanged, indicating a broad-based sell-off rather than weakness concentrated in a few names.

Among the session's worst performers, MNC Studios International Tbk PT (JK:MSIN) plunged 14.88% to a five-year low. Similarly, Global Mediacom Tbk (JK:BMTR) fell 14.68% to an all-time low, and Steady Safe TBK PT (JK:SAFE) dropped 14.62%.

In contrast, a few stocks bucked the trend with substantial gains. Bhuwanatala Indah Permai Tbk (JK:BIPP) was the top performer, soaring 33.85%, followed by Sidomulyo Selaras Tbk (JK:SDMU) which added 28.09%.

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Currency and Commodity Markets

In the currency market, the Indonesian Rupiah weakened against the U.S. dollar, with the USD/IDR pair rising 0.59% to 17,900.50. A weaker domestic currency can create headwinds for the equity market by increasing costs for importers and potentially signaling capital outflows.

Meanwhile, in commodities, crude oil prices advanced, with Brent oil futures for November delivery rising 2.95% to $106.12 a barrel. Gold futures for December, however, saw a slight decline, falling 0.47% to trade at $4,298.05 a troy ounce.