Jakarta's IDX Composite Index Plunges 3.43% on Broad Sector Sell-Off

Indonesian stocks experienced a sharp sell-off on Tuesday, with the main benchmark index falling by more than 3% amid broad-based declines. The IDX Composite Index closed down 3.43% as losses in key sectors weighed heavily on market sentiment.

Widespread Declines Hit Jakarta

The decline in Jakarta was driven by significant losses across the Infrastructure, Financials, and Agriculture sectors, according to market data. The negative sentiment was widespread, with falling stocks overwhelming advancing ones by a substantial margin.

Market breadth figures from the Jakarta Stock Exchange underscored the bearish tone of the session. A total of 695 stocks declined compared to only 76 that advanced, while 61 stocks ended the day unchanged.

Notable Stock Movements

Several individual companies saw their share prices fall sharply, leading the market lower. The session's worst performers included:

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• Acset Indonusa Tbk (JK:ACST), which fell 10.00%.
• Sumber Mas Konstruksi Tbk PT (JK:SMKM), down 9.88%.
• Wira Global Solusi Tbk PT (JK:WGSH), which also declined 9.88% to hit a new 52-week low.

Despite the widespread downturn, a few stocks bucked the trend. Mitra Komunikasi Nusantara Tbk PT (JK:MKNT) was a notable outperformer, rising 14.29% to reach a three-year high.

Currency and Commodity Backdrop

The equity market sell-off coincided with a weakening of the local currency. The Indonesian Rupiah lost ground against the U.S. dollar, with the USD/IDR pair rising 0.26% to 18,142.70.

This move occurred alongside broader U.S. dollar strength, as the U.S. Dollar Index Futures rose 0.20%. In commodities, crude oil prices advanced while gold futures declined during the trading session.