Jakarta - Indonesia's stock market closed sharply lower on Wednesday, with the IDX Composite Index plunging 4.86% to reach a new six-month low. Losses concentrated in the Infrastructure, Financials and Agriculture sectors were the primary drivers of the decline.
The session's top performers were led by Ifishdeco PT (JK:IFSH), which surged 25.00% or 650.00 points to finish at 3,250.00. Satria Mega Kencana Tbk PT (JK:SOTS) climbed 24.59% or 225.00 points to close at 1,140.00, while Sumber Energi Andalan Tbk PT (JK:ITMA) advanced 12.77% or 300.00 points to settle at 2,650.00.
On the other side of the tape, the heaviest declines included Dua Putra Utama Makmur PT (JK:DPUM), which dropped 14.94% or 26.00 points to 148.00 at the close. Pelayaran Nasional Ekalya Purnamasari PT (JK:ELPI) slid 14.91% or 240.00 points to 1,370.00, and Natura City Developments Tbk PT (JK:CITY) fell 14.87% or 29.00 points to 166.00.
Market breadth in Jakarta was dominated by decliners: 793 stocks fell, 41 advanced and 27 finished unchanged on the Jakarta Stock Exchange.
Notably, shares of Ifishdeco PT (JK:IFSH) moved to an all-time high in the session, reflecting the 25.00% jump to 3,250.00 recorded at the close.
Commodity markets saw notable gains during the trading day. Crude oil for April delivery rose 3.02% or 2.25 to trade at $76.81 a barrel. Brent oil for May delivery increased 3.12% or 2.54 to $83.94 a barrel. The April Gold Futures contract gained 1.01% or 51.80 to trade at $5,175.50 a troy ounce.
Currency moves included a firmer US dollar against the rupiah, with USD/IDR higher by 0.49% at 16,907.70. The Australian dollar versus the rupiah, AUD/IDR, was up 0.05% to 11,856.65. The US Dollar Index Futures was up 0.07% at 99.07.
Market context and implications
The session's losses were broad-based, with notable pressure in Infrastructure, Financials and Agriculture names. While several small- and mid-cap stocks posted outsized gains, the overall market moved lower as a large number of stocks recorded significant declines. Commodities and currency movements were supportive of energy prices and a slightly firmer dollar versus the rupiah during the day.
This report reflects the market close information and price movements recorded on the Jakarta exchange for the session in question.