RRI.CO.ID, Jakarta - Most Asian stock markets declined at the end of the week, dragging down the Indonesia Composite Index (IHSG). The IHSG dropped 0.64% to 8,212.27, moving within a trading range of 8,170 to 8,251.
Several major stocks contributed to the decline, including Bank Central Asia (BBCA), Aneka Tambang (ANTM), Timah (TINS), Telkom Indonesia (TLKM), and GoTo Gojek Tokopedia (GOTO). Their weakness weighed on the broader index during the trading session.
Meanwhile, the Indonesian Rupiah fluctuated throughout the day. It briefly strengthened to 16,805 per US dollar before weakening to 16,850, and eventually closed lower at 16,825 per US dollar.
The weaker Rupiah also undermined IHSG’s performance by the end of the week. Currency pressure often reduces investor confidence, especially among foreign market participants.
Gold prices, on the other hand, held steady with very little change. The precious metal traded around $4,971 per troy ounce, equivalent to roughly 2.7 million rupiah per gram.
The lack of strong market sentiment kept gold prices steady. Political issues remain in focus, but there have been no major new developments strong enough to move the market significantly.
Investors are currently adopting a cautious stance ahead of the upcoming meeting between Iran and the United States. Market participants generally believe that the two countries are unlikely to reach a significant agreement.
Geopolitical tensions still appear more likely to escalate into conflict rather than lead to a peace deal. This uncertainty is keeping both financial and commodity markets cautious.
For now, traders in financial and commodity markets prefer to stay defensive. They are closely monitoring US economic data while remaining alert to sudden geopolitical developments that could quickly shift market direction.
Writer: Gunawan Benjamin (Economist, Islamic University of North Sumatra)
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