FX.co ★ IDX Composite Trims Early Gains After Weak Consumer Mood

Indonesia’s IDX Composite trimmed its early gains on Monday afternoon, trading near 6,417 as investors assessed weakening domestic fundamentals. Consumer confidence fell for a third consecutive month in July to its lowest level in 15 months, reinforcing concerns about the economic outlook and job prospects.

Caution also increased ahead of June retail sales figures due on Tuesday, following a sharp contraction in May driven by elevated inflation and higher non-subsidized fuel prices. Externally, Dow futures edged lower before key U.S. inflation data scheduled for later this week, while geopolitical tensions intensified as Iran pushed the United States for war-damage compensation in ongoing peace talks.

On the monetary policy front, President Prabowo Subianto nominated acting Bank Indonesia Governor Destry Damayanti as the sole candidate for the permanent post. State Secretary Prasetyo Hadi confirmed that her nomination has been submitted to parliament, with the approval process expected to take several weeks.

Among notable movers, ESSA Industries gained 7.1%, Merdeka Copper Gold rose 4.1%, United Tractors added 2.5%, and Bumi Resources advanced 1.6%.