According to Jakarta Globe, the Jakarta Composite Index (JCI) set a new record over the weekend, rising 0.18 percent to 7,812.131 from its previous high of 7,798.154 on Thursday (12/9/24.) Market capitalization also hit an all-time high, climbing 4.46 percent to IDR 13,390 trillion (approximately USD 868.82 billion).
For the week, the JCI gained 1.17 percent, closing at 7,812.131 from 7,721.846. Foreign investors posted a net buy of IDR 17.95 trillion on Friday (13/9/24,) bringing the total net buy for 2024 to IDR 51.40 trillion.
Average daily transaction value surged 40 percent to IDR 14.98 trillion, while daily trading volume increased 10.79 percent to 23.34 billion shares. The frequency of daily transactions also rose by 1.66 percent to 1.14 million.
NH Korindo Sekuritas expects the JCI to remain buoyed by regional market sentiment and speculation of a potential US Federal Reserve rate cut during the September 17-18 FOMC meeting. Despite a higher-than-expected 0.2 percent rise in the US Consumer Price Index (CPI) for August, attention remains focused on the anticipated Fed decision, says Jakarta Globe.
“The JCI remains in positive territory, with weekly gains nearing 1 percent. A ‘let your profit run’ strategy, paired with a trailing stop, has proven effective,” NH Korindo noted in its report on Friday.
Jakarta Globe reports that as of September 13, 106 bond and sukuk issuances from 64 issuers, totalling IDR 89.69 trillion, have been recorded. The Indonesia Stock Exchange (IDX) now lists 587 bond and sukuk issuances worth IDR 462.16 trillion and USD 60.12 million. Additionally, 186 series of Government Securities (SBN) and nine Asset-Backed Securities (EBA) are listed, with a total nominal value of IDR 6,182.86 trillion and USD 502.10 million.
On the global front, US stocks ended the week higher, driven by gains in technology stocks like Microsoft and Broadcom. The S&P 500 rose 0.5 percent, nearing its record high, while the Dow Jones Industrial Average added 297 points. Anticipation of a Federal Reserve rate cut next week also bolstered market sentiment.
Source: Jakarta Globe
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