Indonesia's Composite Stock Price Index (IHSG) Falls, Erick Thohir's Stocks MARI and ABBA Plummet (Monday, October 23, 2023)

The Jakarta Composite Index (JCI) weakened by 107.20 points or 1.57% to 6,741.964 at the close of trading on Monday (23/10/2023).

Today's index decline coincided with the contraction of shares affiliated with Erick Thohir, namely Mahaka Radio Integra Tbk (MARI) and Mahaka Media Tbk (ABBA). MARI fell by 34.38%, and ABBA dropped by 10%.

Based on the IDX-IC Sectoral Index, ten stock sectors were corrected today. The infrastructure sector fell the most, at minus 3.27%, followed by the energy sector at minus 2.63%, and the transportation-logistics sector at minus 2.16%.

Meanwhile, only one stock sector strengthened, namely the technology sector, which rose by 0.49%.

According to RTI Business data, the frequency of stock trading on the domestic exchange today was 1.36 million transactions.

A total of 26.50 billion shares changed hands, with a transaction value reaching Rp 8.74 trillion.

MARI was the top loser today after weakening by 34.38%, followed by MPXL and BABY, which contracted by 18.04% and 17.97%, respectively.

On the other hand, the top gainer today was NPGF, which strengthened by 34%, followed by PAMG and STRK, which strengthened by 26.87% and 25%, respectively.

The majority of stocks closed lower today. Specifically, 430 stocks weakened, 275 stocks were stagnant, and 148 stocks strengthened.

Most Asian regional stock exchanges also closed lower this afternoon. The Nikkei Index weakened by 0.83% to 30,999.60, the Hang Seng Index was stagnant at 17,172.13, the Shanghai Index weakened by 1.47% to 2,939.29, and the Straits Times Index weakened by 0.76% to 3,053.36.

(See also: [Towards the Weekend, IHSG Closed Stronger at Level 6,849 (Friday, October 20, 2023)])