TEMPO.CO, Jakarta - The Indonesia Stock Exchange (IDX) plunged sharply and briefly halted trading on Tuesday, April 8, 2025. The IDX Composite Index (IHSG) closed down 7.90 percent at 5,996.14, or 514.48 points lower than Monday’s close, following mounting concerns among investors over new U.S. import tariff policies announced by President Donald Trump.
“The IDX Composite hit a trading halt. The market was rattled by the U.S. government’s announcement of new import tariffs on Wednesday, April 2, 2025, in which Indonesia was slapped with a 32-percent tariff,” Maximilianus Nico Demus, associate director of research and investment at Pilarmas Investindo Sekuritas, said in Jakarta on Tuesday, as quoted by Antara.
Maximilianus said the U.S. tariff policy has raised fears of a global economic slowdown, which could spill over into the domestic economy. This has stoked concerns over a potential economic downturn in Indonesia that could lead to job cuts.
Market players are now awaiting the results of negotiations and the government’s official response to the latest developments regarding the U.S. reciprocal tariffs, which could help ease market anxiety.
The IHSG crashed in its first trading session after the Eid holiday and was briefly halted in early trading on Tuesday. At one point, the index had dropped more than 9.5 percent before recovering slightly to close the session at 6,008.4, down 7.71 percent.
State-owned bank shares also suffered heavy losses in the morning session. PT Bank Rakyat Indonesia Tbk. (BBRI) plunged 7.65 percent, PT Bank Mandiri Tbk. (BMRI) lost 8.27 percent, PT Bank Negara Indonesia Tbk. (BBNI) dropped 4.48 percent, PT Bank Tabungan Negara Tbk. (BBTN) fell 7.34 percent, and PT Bank Syariah Indonesia Tbk. (BRIS) slipped 7.69 percent.
According to a report from analysts at PT Samuel Sekuritas Indonesia, only 26 stocks advanced during the session, while 712 declined and 99 remained unchanged.
“As of the end of the first trading session today, 26 stocks had gained, 712 declined, and 99 stagnated, with a total transaction value of Rp12.5 trillion, 885,304 trades, and a trading volume of 140.3 million lots,” Samuel Sekuritas' analyst team said in a statement Tempo received on Tuesday, April 8.
Bank Central Asia (BBCA) was the most actively traded stock by transaction frequency during the session, recording 93,317 trades, followed by BBRI (92,738 trades) and BMRI (69,266 trades).
In terms of trading volume, GoTo Gojek Tokopedia (GOTO) led with 42.6 million lots traded, followed by FREN (5.3 million lots) and BMRI (4.7 million lots).
None of the sectoral indices posted gains in the morning session. The basic industry index (IDXBASIC) suffered the steepest decline, down 11.0 percent, followed by the technology sector (IDXTECHNO), which dropped 10.1 percent, and the cyclical consumer sector (IDXCYCLIC), down 8.4 percent.
Today’s top five gainers in terms of percentage during the first session were:
- SOSS (+24.7% to Rp464 per share)
- RUIS (+13% to Rp156)
- TIFA (+10% to Rp825)
- CTBN (+9.9% to Rp2,210)
- TALF (+6.6% to Rp290)
The top five losers were:
- RAJA (-14.9% to Rp1,675)
- RATU (-14.9% to Rp4,090)
- SMDM (-14.9% to Rp1,255)
- AREA (-14.9% to Rp386)
- NAIK (-14.8% to Rp464)
Antara and Martha Warta contributed to the writing of this article.
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