Foreign Investors Trigger Sell-Off in indonesian Stock Market
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Foreign investors unleashed a wave of selling on teh Indonesian Stock Exchange (IDX) on Monday,December 16,2024,resulting in a net sell-off of 621.6 billion Indonesian Rupiah (IDR). This latest surge of selling further erodes the year-to-date net buy position to just 19.3 trillion IDR.
The sell-off heavily impacted several blue-chip stocks. Shares of Bank Rakyat Indonesia (BBRI) bore the brunt of the selling, with a staggering net sell of 341.6 billion IDR. Telkom Indonesia (TLKM) and Bank Negara Indonesia (BBNI) also experienced critically important net sells of 162.2 billion IDR and 119.5 billion IDR, respectively.
However, not all stocks suffered. GoTo Gojek Tokopedia (GOTO) bucked the trend, seeing a net buy of 105.6 billion IDR from foreign investors.
The Jakarta Composite Index (IHSG), a key benchmark for the Indonesian stock market, reflected the negative sentiment, falling 66.15 points (0.9%) to close at 7,258.6. This marks a three-day losing streak, attributed to market anxiety surrounding upcoming interest rate decisions from major central banks, including the Federal Reserve (fed) and Bank Indonesia (BI).
Market activity was robust, with a total transaction value of 11.18 trillion IDR,a trading volume of 27.99 billion shares, and a frequency of 1,075,794 transactions.Despite this activity, 442 stocks declined, while only 159 advanced, with 193 remaining unchanged.
All sectors experienced losses. The property sector suffered the most significant decline at 2.9%, followed by technology (-2.3%),transportation (-1.9%), raw materials (-1.6%), and non-primary consumer goods (-1.5%).
The significant foreign investor sell-off raises concerns about the overall health of the Indonesian market and its susceptibility to global economic shifts.Analysts will be closely watching the upcoming interest rate decisions and their potential impact on investor sentiment.
“The market is anxiously waiting for interest rate decisions by central banks,” a market observer noted, highlighting the uncertainty driving the current downturn.
Editor: Jahari Mahardhika (jauhari@investor.co.id)
Note: All financial figures are approximate and based on available information.
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Foreign Investors Spark Stock Selloff on Indonesian Exchange
Indonesia’s stock market experienced a significant downturn on Monday, December 16th, 2024, as foreign investors engaged in a widespread sell-off. This sell-off raises concerns about the Indonesian market’s vulnerability to global economic trends and anxieties surrounding upcoming interest rate decisions.
Understanding the Selloff
Jahari Mahardhika, senior Editor of world-today-news.com, recently sat down with international finance expert, Dr. Emily Setiawan, to discuss the selloff and its potential ramifications.
Mr. Mahardhika: Dr.Setiawan,the Indonesian Stock Exchange (IDX) saw a notable drop in performance with net sell-offs totaling 621.6 billion Indonesian Rupiah (IDR). What are the primary factors driving this situation?
Dr. Setiawan: Several factors are at play. Firstly, we’ve seen a trend of profit-taking by foreign investors who had built up significant positions in the Indonesian market. Secondly, there’s a global trend of risk aversion fueled by uncertainty around upcoming interest rate hikes, particularly decisions from the Federal Reserve and Bank Indonesia.
Focusing on Key Players
mr. Mahardhika: Some blue-chip stocks were hit particularly hard, including Bank Rakyat Indonesia (BBRI), Telkom Indonesia (TLKM), and Bank Negara Indonesia (BBNI).
Dr. Setiawan: These are major components of the IDX, so significant sells in these stocks naturally weigh on the overall market performance. However, it’s important to note that GoTo Gojek Tokopedia (GOTO) bucked the trend and saw net buying from foreign investors. This suggests that there is still selective buying interest in certain sectors.
impact and Outlook
Mr. mahardhika: The Jakarta Composite Index (IHSG)
has now entered a three-day losing streak. What are the broader implications of this downtrend?
Dr. Setiawan: The immediate impact is a decline in market confidence and investor sentiment. However, it’s crucial to remember that market fluctuations are normal. The Indonesian economy remains fundamentally strong, with a growing middle class and strategic geo-political positioning. the key indicator to watch will be the response of both local and foreign investors to the upcoming interest rate decisions.
Mr. Mahardhika: Thank you, Dr. Setiawan, for shedding light on this complex situation.
Dr. Setiawan:
You’re welcome. It will be essential for investors to stay informed and make well-informed decisions considering this evolving landscape.
