Indonesia’s IDX Composite fell 54 points, or 0.9%, to 5,884 in early Tuesday trading, extending losses into a second session and hitting a four-month low. Sentiment deteriorated further as U.S. stock futures slipped, with an overnight tech-led selloff on Wall Street spilling over into Asian markets ahead of key inflation data. Caution also prevailed before the release of CPI, PPI, and trade figures from China, Indonesia’s major trading partner, later this week.
Domestically, worries lingered over an upcoming Financial Services Authority investigation into alleged price manipulation in energy shares. Additional pressure came from uncertainty surrounding MSCI’s review of Indonesian equities and continued weakness in the rupiah. Losses were broad-based across cyclical counters, basic materials, infrastructure, and energy, though selective buying in fundamentally strong names helped limit deeper declines. Among the notable laggards were Indah Kiat Pulp & Paper (-5.5%), Japfa Comfeed (-5.0%), Perusahaan Gas Negara (-3.5%), and Bank Rakyat Indonesia (-2.3%).
