On Monday (10/23/2023), the Composite Stock Price Index (IHSG) plummeted by more than 1%, dropping below the psychological level of 6,800. This decline occurred amidst a downturn in regional markets as the yield on the 10-year US Treasury bond surpassed 5%.
According to data from the Indonesia Stock Exchange (IDX), the IHSG closed down by 1.57% to 6,741.96. This marked the lowest level since July 10, 2023. Most big-cap stocks also saw losses, with 430 stocks declining while only 148 stocks rose, leaving 175 stocks unchanged.
Shares of coal companies with large market capitalization, such as PT Bayan Resources Tbk (BYAN), also tumbled by 4.81%, weighing down the IHSG on Monday, contributing to a 15.21-point decline.
Notably, shares of geothermal company PT Barito Renewables Energy Tbk (BREN), owned by Prajogo Pangestu, experienced a sharp decline of 7.20% to Rp3,740 per share. This marked the second consecutive day of losses for BREN, following a 0.49% decline on Friday (10/20). Previously, BREN shares had surged for nine consecutive days.
On Monday (10/23/2023), BREN shares became the top contributor to the decline of the IHSG by contributing to an 11.24-point decrease. Throughout October (and even since the beginning of the year/YtD), BREN had been one of the top movers of the IHSG, contributing more than 100 points.
Furthermore, other major names that weighed down the IHSG included TLKM (-10.52 points), BBCA (-8.58 points), BMRI (-6.83 points), and BBRI (-5.84 points).
Asia-Pacific Stock Markets Experience Decline
The Asia-Pacific stock markets continued to experience selling pressure ahead of the final week before the release of inflation data from various regions and the third-quarter gross domestic product (GDP) figures from South Korea.
Australia is set to release September's inflation figures on Wednesday (10/25/2023), while Japan will release Tokyo's inflation figures on Friday. Inflation in Tokyo is considered a key indicator of national inflation. Singapore's inflation rate in September slightly increased to 4.1% from 4% in August 2023, in line with expectations.
On Monday, Australia's S&P/ASX 200 index fell by 0.82% to close at 6,844.1, extending losses from the previous week.
Japan's Nikkei 225 index slipped by 0.83%, marking the third time the index closed below 31,000 this month. Prior to October, it had remained above 31,000 since May. The Topix fell by 0.75% and ended at 2,238.81.
Thailand's stock exchange closed down by 1.66%, Vietnam's market plummeted by 1.31%, and Singapore's Straits Time Index declined by 0.76%.
Additionally, South Korea's Kospi index closed down by 0.76% at 2,357.02, marking its third consecutive day of losses. Meanwhile, the Kosdaq reversed its earlier gains and ended down by 0.72%, marking its fourth consecutive daily loss.