Indonesia's IDX Composite Index Plunges 1.61%, Heavyweight Banking Stocks Weigh Heavily (Thursday, May 2, 2024)
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The Jakarta Composite Index (IHSG) closed down 116.77 points, or 1.61%, to 7,117.42 on Thursday (May 2, 2024).
Phintraco Sekuritas noted a significant sell-off in large-capitalization bank stocks today.
"In addition to holding the benchmark interest rate, the Fed stated that there are no plans to raise the benchmark interest rate in 2024," wrote Phintraco Sekuritas in its analysis, as reported by Katadata, Thursday (May 2, 2024).
Prices of major domestic banking stocks fell today, including BMRI (-8.33%), BBNI (-8%), BRIS (-3.79%), BBRI (-3.64%), and BBCA (-2.55%).
Based on the IDX-IC Sectoral Index, nine stock sectors declined today. The financial sector fell the most, at 2.78%, followed by the transportation and logistics sector (-2.01%) and the non-primary consumer goods sector (-1.75%).
Meanwhile, two other sectors strengthened: the health sector (+0.12%) and the industrial sector (+0.11%).
According to RTI Business data, the frequency of stock trading on the domestic exchange today was 1.28 million transactions.
A total of 19.27 billion shares changed hands, with a transaction value of Rp 16.78 trillion.
405 stocks closed lower today, 187 stocks rose, and 178 stocks were stagnant.
ATLA was today's top loser, falling 24.82%, followed by ZINC (-11.11%) and SMDR (-8.70%).
On the other hand, today's top gainer was TRGU (+34.21%), followed by NASI (+20.78%) and MSKY (+18.33%).
All Asian stock exchanges closed in the green this afternoon. The Nikkei index rose 3.83% to 39,740.39, the Hang Seng index rose 2.50% to 18,207.13, and the Straits Times index rose 0.13% to 3,296.88.
The Shanghai index was closed for a national holiday.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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