Indonesia’s IDX Composite fell 24 points, or 0.3%, to 7,365 on Thursday, marking a second consecutive session of losses as U.S. stock futures declined and oil prices resumed their rally following reports of ship attacks in the Strait of Hormuz and Iraqi waters. At the same time, a U.S. plan to release record oil reserves did little to improve investor sentiment.
On the domestic front, concerns over financial sector governance remained in focus after recent leadership changes at the Financial Services Authority and ongoing questions around transparency. However, the downside was partially limited by the government’s disbursement of IDR 11.16 trillion in Eid allowances to civil servants, a measure intended to support household consumption ahead of the festive period.
Sector-wise, cyclical, non-cyclical, and technology shares dragged the index lower, while energy and transportation stocks provided some support. Notable decliners included Vale Indonesia (-5.4%), Merdeka Battery Materials (-3.4%), Barito Pacific (-2.0%), and Semen Indonesia (-1.9%).
