Businessicy – The Jakarta Composite Index (JCI) experienced a significant surge between August 12-16, 2024, driven by expectations of an interest rate cut by the U.S. Federal Reserve (Fed). According to data from the Indonesia Stock Exchange IDX, as reported on Sunday (August 18, 2024). The JCI soared by 2.41% to reach 7,432.09, up from 7,256.99 the previous week. Over the week, the highest increase was seen in the average daily trading volume. Which rose by 4.54% to 16.73 billion shares from 16 billion shares the week before.
The average daily trading frequency also climbed by 3.53% to 1.02 million transactions from 981,000 in the previous week. However, the average daily transaction value on the exchange dipped by 3.33% to IDR 9.32 trillion from IDR 9.64 trillion in the previous week. Foreign investors recorded a net buy of IDR 2.94 trillion in shares over the week. For the year 2024, foreign investors have purchased shares totaling IDR 4.37 trillion.
Throughout the week, all stock sectors were in the green. The cyclical consumer sector led the charge with an 8.88% increase, marking the largest gain. Additionally, the energy sector advanced by 5.77%, the basic materials sector surged by 2.13%. The industrial sector climbed by 1.22%, and the non-cyclical consumer sector increased by 1.04%. Meanwhile, the healthcare sector edged up by 0.23%, the financial sector rose by 2.08%. And the property and real estate sector gained 1.61%.
Moreover, the technology sector skyrocketed by 3.98%, the infrastructure sector climbed by 3.44%. The transportation and logistics sector strengthened by 4.71%. According to Herditya Wicaksana, an analyst at PT MNC Sekuritas, the JCI’s 2.41% rise over the week was fueled by several factors. First, the release of the U.S. Producer Price Index (PPI) and Consumer Price Index (CPI) data, which showed a decline.
Second, the release of sales data from China showing growth, and third, the release of Indonesia’s trade balance data, which remained in surplus, albeit slightly. Looking ahead to next week, Herditya noted that the JCI has the potential to strengthen. With a resistance level of 7,500 and a support level of 7,347. “We anticipate that next week there will be data releases on interest rates from China and Indonesia, as well as a speech from the Fed,” he added. Nafan Aji Gusta, Senior Investment Information at Mirae Asset Sekuritas, echoed this sentiment, stating that the potential rate cut by the Fed in September 2024 is a positive sentiment for the JCI.
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Earlier this week, coinciding with the ceremony marking 47 years. Since the reactivation of Indonesia’s capital market, the market has continued to achieve several positive milestones that contribute to economic growth. During the period from August 12-16, 2024, Indonesia’s capital market recorded an all-time high for the Jakarta Composite Index (JCI) on Wednesday (August 14). The JCI rose by 79.4 points, or 1.08%, to a level of 7,436.039. The previous record for the JCI was set on March 14, 2024, at 7,433.315.
Additionally, the stock market’s capitalization reached a record IDR 12,601 trillion on that day, surpassing the previous record of IDR 12,478 trillion on July 12, 2024. Throughout the week, there was one bond listing, namely the Sustainable Bond I PT Kereta Api Indonesia Phase II Year 2024. The Sustainable Sukuk Ijarah I PT Kereta Api Indonesia Phase II Year 2024, which were listed on Monday (August 12).
These bonds and sukuk were rated idAAA (Triple A) and idAAA(sy) (Triple A Syariah). Respectively, by PT Pemeringkat Efek Indonesia (Pefindo), with PT Bank Mega Tbk as the trustee. The total bond and sukuk issuance recorded throughout 2024 stands at 99 issuances from 61 issuers. Mounting to IDR 82.38 trillion. With this listing, the total bonds and sukuk listed on the IDX amount to 589 issuances with an outstanding nominal value of IDR 465.97 trillion and USD 60.12 million, issued by 132 issuers.
Government Securities (SBN) listed on the IDX total 186 series. With a nominal value of IDR 6,182.86 trillion and USD 502.10 million. Additionally, there are nine EBA issuances listed on the IDX with a value of IDR 2.93 trillion.
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