Indonesia's Composite Stock Price Index (IHSG) Plunges 3.31% to 6,270: What's the Reason? (Friday, February 28, 2025)
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The Jakarta Composite Index (IHSG) fell 3.31% to 6,270.60 at the close of trading on Friday (February 28, 2025), marking its lowest level since the Covid-19 pandemic.
Pilarmas Sekuritas noted several factors concerning market players. One is the establishment of the Nusantara Future Investment Management Agency (Danantara), inaugurated by President Prabowo Subianto on Monday (February 24, 2025).
According to Pilarmas Sekuritas, capital market investors hope this newly formed agency will implement good corporate governance (GCG) principles amid scrutiny of several domestic corruption cases. However, some investors are not confident that Danantara will have a positive impact.
Based on the IDX-IC Sectoral Index, all 11 domestic stock sectors were corrected today.
The basic materials sector fell the most, by 5.55%, followed by the infrastructure and energy sectors, which fell 3.77% and 3.59%, respectively.
According to RTI Business data, the frequency of stock trading on the domestic exchange today was 1.26 million transactions.
A total of 22 billion shares changed hands, with a total transaction value of Rp 20.66 trillion.
555 stocks closed lower today, 146 stocks were stagnant, and 91 stocks strengthened.
RONY was today's top loser, plunging 24.84%, followed by TRUS and LION, which fell 24.83% and 24.44%, respectively.
On the other hand, today's top gainer was LIVE, soaring 25%, followed by FMII and HITS, which rose 24.83% and 24.66%, respectively.
In line with the IHSG, all Asian stock exchanges weakened this afternoon. The Nikkei Index fell 2.88% to 37,155.50; the Hang Seng Index fell 3.28% to 22,941.32; the Shanghai Index fell 1.98% to 3,320.90; and the Straits Times Index fell 0.65% to 3,895.70.
"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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