FX.co ★ Indonesia Stocks Slip from Record High on US-China Trade Tensions

The IDX Composite experienced a decline of 39 points, or 0.4%, bringing it to 8,218 around midday on Monday. This drop marks a retreat from the record high achieved on Friday due to heightened tensions in US-China trade relations. Concerns grew among investors after US President Trump threatened to implement 100% tariffs on Chinese goods. The majority of sectors were in negative territory, with financials, manufacturing, and transportation leading the losses. Additionally, a downturn in commodity prices weighed on market sentiment. Market participants were also focused on upcoming addresses by several Federal Reserve officials to discern the central bank’s direction on monetary policy at their next meeting. Nonetheless, the downturn was somewhat mitigated by encouraging trade data from China, Indonesia's key trading partner, which showed better-than-anticipated increases in both exports and imports for September. The most significant decliners included XL Axiata (-4.1%), Unilever (-2.9%), Perusahaan Gas Negara (-2.1%), Bank Rakyat Indonesia (-1.3%), and Bank Negara Indonesia (-1.3%).