FX.co ★ Indonesian Market Eases as Week Begins

Indonesia’s IDX Composite slipped 18 points, or 0.2%, to 6,511 in Monday morning trade, ending a two-session winning streak as selling pressure hit transportation, cyclical, and technology stocks. Investor sentiment turned cautious with borrowing costs still elevated after a cumulative 100 bps rate hike between May and June. At the same time, the current account deficit widened to a record level, driven by a shrinking goods surplus and higher energy import costs. Analysts caution that the imbalance may persist as oil prices remain high, oil imports stay robust, and exports weaken amid slowing global growth. Even so, losses were partially cushioned by ongoing strength in the digital economy, with Bank Indonesia reporting that QRIS (Quick Response Code Indonesian Standard) transactions surged 82.4% in July, highlighting the rapid uptake of cashless payments. Early gainers included Hartadinata Abadi (up 3.4%), Solusi Energi Digital (2.9%), Indika Energy (2.2%), and Aneka Tambang (1.9%).