Indonesia’s IDX Composite slipped 65 points, or 0.9%, to 7,211 in Thursday morning trade, snapping the previous session’s rally as U.S. equity futures softened after Iran called it “unreasonable” to pursue a permanent peace agreement with Washington. The comments stoked worries over potential disruption at the Strait of Hormuz.
Domestically, March foreign exchange reserves fell to their lowest level in nearly two years, underscoring the mounting cost of safeguarding currency and financial stability amid a fragile external environment.
On the corporate front, Garuda Indonesia announced ticket price increases following a higher fuel surcharge, signaling a belated pass-through of elevated energy costs to consumers.
Losses were broad-based, led by infrastructure, basic materials, and industrials. Early underperformers included MD Entertainment (-5.4%), Archi Indonesia (-3.8%), Hartadinata Abadi (-3.5%), and Bumi Serpong Damai (-3.1%).
The downside was partly contained by expectations that the government can keep inflation risks and supply stability under control. Market participants now look ahead to China’s CPI and PPI figures due Friday.
