IHSG Plunges 4.1% as Rupiah Approaches 18,000 per US Dollar

The Jakarta Composite Index (IHSG) experienced a significant downturn on Wednesday, June 3, closing sharply lower amidst widespread market pressure. This notable decline marked a challenging day for investors across the Indonesian stock market.

Specifically, the IHSG plummeted by 254.36 points, registering a substantial 4.10 percent drop to settle at 5,941.066. This bearish trend was mirrored by the LQ45 index, which also saw a steep correction, falling 4.89 percent to conclude the trading day at 588.991. The simultaneous sharp declines in both benchmark indices underscore the broad-based sell-off that characterized the day’s trading.

Despite the market’s overall decline, intense trading activity was recorded, generating a total transaction value of Rp 24.50 trillion. A staggering 39.46 billion shares changed hands across 2.76 million transactions, reflecting both high volatility and active participation as investors reacted to market movements.

Amidst the broad market sell-off, a few stocks defied the downward trend to emerge as Top Gainers:

• WEHA (WEHA Transportasi Indonesia) surged by 43 points (34.68%) to Rp 167
• MMIX (Multi Medika Internasional) climbed by 130 points (24.76%) to Rp 655
• OMRE (Indonesia Prima Property) rose by 265 points (24.09%) to Rp 1,365
• MSIN (MNC Digital Entertainment) gained 88 points (23.78%) to Rp 458
• CASA (Capital Finance Indonesia) increased by 215 points (15.93%) to Rp 1,565

Conversely, the following stocks bore the brunt of the market’s correction, registering as the day’s Top Losers:

• TPIA (Chandra Asri Pacific) fell by 285 points (15.00%) to Rp 1,615
• APIC (Pacific Strategic Financial) dropped by 125 points (14.97%) to Rp 710
• ARKO (Arkora Hydro) declined by 900 points (14.94%) to Rp 5,125
• GMTD (Gowa Makassar Tourism Development) decreased by 265 points (14.93%) to Rp 1,510
• KJEN (Krida Jaringan Nusantara) slipped by 27 points (14.92%) to Rp 154

In terms of trading activity, certain companies commanded significant capital flow, leading the pack in Top Value transactions:

• TPIA (Chandra Asri Pacific) recorded a transaction value of Rp 2.59 trillion
• BBCA (Bank Central Asia) saw Rp 1.97 trillion in transactions
• DSSA (Dian Swastatika Sentosa) achieved Rp 1.37 trillion in value
• BBRI (Bank Rakyat Indonesia (Persero)) had Rp 1.21 trillion in value
• ANTM (Aneka Tambang) reached Rp 1.17 trillion in value

High trading volumes indicated robust interest in these shares, regardless of their price movement, with the following recording the Top Volume:

• BUMI (Bumi Resources) traded 59.10 million shares
• DSSA (Dian Swastatika Sentosa) saw 20.62 million shares change hands
• TPIA (Chandra Asri Pacific) registered 15.26 million shares
• BNBR (Bakrie & Brothers) traded 14.52 million shares
• CUAN (Petrindo Jaya Kreasi) recorded 13.97 million shares

Adding to the day’s somber mood, the Rupiah exchange rate also weakened. According to Bloomberg data, the Indonesian Rupiah depreciated by 127 points, or 0.71 percent, closing at Rp 17,966 per US Dollar, reflecting broader concerns about currency stability.

Looking beyond the domestic market, regional Asian exchanges presented a mixed picture by the close of trading, as gathered from Stockbit and Yahoo Finance data. While some markets showed resilience, others mirrored the downward pressure felt in Jakarta:

• The Nikkei 225 in Japan climbed 2.48% to 68,402.13
• The Hang Seng Index in Hong Kong fell 1.56% to 25,633.21
• The SSE Composite Index in China rose 0.22% to 4,083.97
• The Straits Times Index in Singapore increased 0.72% to 5,134.36