Indonesian equities experienced a dip of 27 points, or 0.3%, settling at 8,142 during Wednesday's morning trade. This downturn reflected a wave of profit-taking by traders, following a surge of record highs in the overall index during the preceding two sessions. The drop was further influenced by new data indicating a decline in consumer confidence, marking its lowest point since April. This development was compounded by Tuesday's report that the country's foreign exchange reserves had decreased to their lowest in 14 months. Market participants now anticipate the upcoming release of August's retail sales figures. Nevertheless, the losses were mitigated somewhat by the World Bank's upward revision of Indonesia's 2025 GDP growth projection to 4.8%, an increase from the previous forecast of 4.7%.
Moreover, the IDX Composite mirrored overnight declines on Wall Street, where indices retreated from record highs due to apprehensions about a possible U.S. government shutdown. Among the sectors hit hardest were utilities and finance, with prominent decreases from companies such as Gudang Garam (down 4.6%), United Tractors (down 2.5%), Telkom (down 1.7%), BCA (down 1.3%), Bayan Resources (down 1.1%), and Bank Mandiri (down 0.9%).
