The Jakarta Composite Index (IHSG) concluded trading on Thursday, March 23rd, firmly in the red, signaling a challenging day for investors. The benchmark index closed down by a significant 163.006 points (2.16 percent), settling at 7,378.606. Similarly, the LQ45 Index, which tracks the 45 most liquid stocks on the Indonesia Stock Exchange, also saw a notable decline, shedding 20.091 points (2.73 percent) to end the session at 715.877.
Market activity reflected the broad downtrend, with declining stocks vastly outnumbering gainers. A total of 505 stocks experienced losses, while only 192 stocks managed to advance, and 123 stocks remained unchanged. Trading volume was robust, with a total of 3,068,118 transactions executed, encompassing 53.738 billion shares. The total trade value reached an impressive IDR 20.353 trillion, underscoring significant market participation despite the negative sentiment.
Among the day’s biggest decliners were several prominent companies. Wahana Interfood Nusantara (COCO) saw its shares plummet by 76 points, or 14.62 percent, closing at 444. Merry Riana Edukasi (MERI) also experienced a sharp fall, dropping 27 points or 14.59 percent to 158. Trimitra Propertindo (LAND) was down 16 points, or 14.29 percent, ending at 96, while Pikko Land Development (RODA) closed lower by 13 points, or 14.13 percent, settling at 79. These significant drops highlight specific areas of pressure within the Indonesian equity market.
In contrast to the domestic stock market’s performance, the Indonesian rupiah demonstrated resilience in the foreign exchange market. According to Bloomberg data, the local currency strengthened considerably against the U.S. dollar, gaining 105 points, or 0.61 percent, to close at Rp 17,286 per dollar. This appreciation provided a counter-narrative to the day’s stock market woes, suggesting some underlying strength in the broader economy.
The bearish sentiment in Jakarta was not isolated, as other key Asian stock markets also largely closed lower during the afternoon trading session. Japan’s Nikkei 225 fell by 445.699 points (0.75 percent) to 59,140.199. Hong Kong’s Hang Seng Index declined by 248.041 points (0.95 percent), finishing at 25,915.199. The SSE Composite Index in China saw a more modest dip of 13.009 points (0.32 percent), closing at 4,093.250. Meanwhile, Singapore’s Straits Times Index also experienced a downturn, shedding 55.610 points (1.11 percent) to end the day at 4,947.109, indicating a regional trend of caution among investors.