The Indonesian Composite Index Fall Below 6.880

The Indonesian Composite Index was down by 0.25 percent to 6.880 on Friday (10/2/2023). Investors were conducting profit-taking actions on Friday, mostly occurring in the technology and energy sectors. 

Technology shares dropped 2 percent due to concerns about further sharp interest rate hikes by the united states federal reserve. Meanwhile, shares of energy companies fell 1,2 percent as ice Newcastle coal price for February 2023 recorded another drop of 2,8 percent to USD219 per metric tonne. The price of coal has dropped about 50 percent since the beginning of 2023. It has brought energy stocks to a correction trend.

From the currency market, the rupiah has depreciated 0,25 percent to Rp15.134. The 10-year Indonesian Government Bond yield was up 0.036 percent to 6,67 percent. As profit-taking actions also occurred in the bond market. The crude price was down after u.s. crude stocks added 2,4 million barrels to 455 barrels in the first week of February 2023.