IHSG Opens Slightly Higher Before Reversing to a 0.4% Decline Amid Global Tech Sell-Off

The Indonesia Stock Exchange (IDX) Composite opened slightly higher on Friday trading before immediately reversing direction to fall 0.4% to 6,081. The reversal occurred amid a backdrop of global market sentiment dominated by a sell-off in technology and semiconductor stocks in the United States and the Asia-Pacific region. At the opening, the index had risen 4.63 points to 6,112.84, with 218 stocks gaining, 74 declining, and 331 remaining stagnant. The transaction value reached Rp 144.19 billion, involving 193.17 million shares traded in 38,282 transactions. The most actively traded stocks included BBCA, BMRI, ASII, TPIA, and PRDL. The market pressure came despite impressive domestic economic data, including record investment realisation in the second quarter and the inauguration of a major gas project in Maluku. From the United States, labour market data and retail sales figures confirmed the resilience of the world’s largest economy. However, Asia-Pacific markets opened lower as a sell-off hit global semiconductor stocks after Taiwan Semiconductor Manufacturing Company’s (TSMC) financial report raised concerns among investors. TSMC shares fell over 2% despite reporting a surge in net profit, as the company also raised its capital expenditure forecast for the year, triggering caution. The VanEck Semiconductor ETF (SMH) plunged nearly 4%, dragging down other chip stocks including Marvell Technology, STMicroelectronics, and Micron. The correction in the chip sector weighed on Wall Street indices, with the S&P 500 falling 0.6%, the Dow Jones Industrial Average slipping 0.2%, and the Nasdaq dropping 1.5%. Despite the pressure on AI and semiconductor stocks, the S&P 500 remains about 1% below its all-time high reached in early June, indicating overall market resilience amid profit-taking in the technology sector.