Jakarta – The Indonesian Stock Exchange (IDX) Composite closed significantly lower on Friday, dropping by 119.21 points, 1.67 percent, to 7,036.07, the new lowest point this year.
Friday's session saw 153 stocks rise, 422 decline and 203 remained unchanged.
The total trading volume reached Rp 14.2 trillion (US$875.37 million) from 16.8 billion shares traded.
Sectoral indices showed a cohesive decline, energy dropped by 1.36 percent, raw materials by 2.01 percent and industrial by 1.11 percent. Furthermore, the non-cyclical sector was down 1.74 percent and the cyclical sector down 2.8 percent, while the health sector was down 2.25 percent and the finance sector down 1.57 percent.
Also experiencing losses were the property sector, down 0.66 percent, technology by 1.23 percent, infrastructure by 0.45 percent and transportation by 0.67 percent.
Meanwhile, the top gainers were PT Multi Medika Internasional (MMIX), up 34 percent to Rp 67, PT Distribusi Voucher Nusantara (DIVA), up 24.3 percent to Rp 133 and PT Hillcon (HILL) up 18.88 percent to Rp 1,700.
The top losers, on the other hand, were PT Topindo Solusi Komunika (TOSK), which was down 12.5 percent, PT Multi Hanna Kreasindo (MHKI), which dropped 11.71 percent and PT Siloam International Hospitals (SILO), which plummeted 10.2 percent.
The most active stocks traded were PT Bank Rakyat Indonesia (BBRI), PT Bank Central Asia (BBCA), and PT Bank Mandiri (BMRI).
Since Bank Indonesia's decision to raise the benchmark interest rate or BI Rate to 6.25 percent on Wednesday, the Composite index has plummeted nearly 2 percent.
BI decided to raise the benchmark interest rate by 25 basis points (bps) in an effort to stabilize the exchange rate of the rupiah.
Meanwhile, the IDX Composite also weakened amid worsening global market sentiment, after the United States released economic growth data for the first quarter of 2024.
The US economy has grown by only 1.6 percent year-on-year (yoy) in the first quarter of 2024, compared with 3.4 percent in the previous quarter and below the estimated 2.5 percent. This is the lowest growth since the contraction in the first half of 2022.