Indonesia's Composite Stock Price Index (IHSG) Strengthens Amidst Signals of a Fed Interest Rate Cut (Friday, March 8, 2024)
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The Jakarta Composite Index (JCI) rose 7.94 points or 0.11% to close at 7,281.907 on Friday (March 8, 2024).
Samuel Sekuritas stated that the JCI's strengthening occurred in line with signals from the United States Federal Reserve (The Fed) suggesting a potential interest rate cut this year, boosting investor optimism.
"The US stock market also closed higher on Thursday (March 7, 2024) following The Fed's statement," wrote Samuel Sekuritas, as reported by *Katadata.co.id*, Friday (March 8, 2024).
Based on the IDX-IC Sectoral Index, five sectors increased, with the finance sector showing the highest increase at 0.62%, followed by the consumer staples sector and the transportation & logistics sector, which rose by 0.28% and 0.14%, respectively.
Meanwhile, three sectors experienced corrections, with the health sector declining the most at -0.65%, followed by the basic materials sector and the consumer non-staples sector, which fell by -0.58% and -0.56%, respectively.
According to RTI Business data, the frequency of stock trades on the domestic exchange today totaled 1.08 million transactions.
A total of 14.02 billion shares changed hands, with a transaction value reaching Rp 13.43 trillion.
Today's top gainer was MAYA, which surged 23.48%, followed by MSKY and TINS, which increased by 21.92% and 20.66%, respectively.
On the other hand, the stock with the code MPIX was today's top loser after plunging 27.07%, followed by TOSK and BTPS, which fell by 12.05% and 6.3%, respectively.
A total of 273 stocks closed lower today, 252 stocks were stagnant, and 244 stocks weakened.
Meanwhile, the majority of regional Asian stock exchanges closed higher this afternoon. These include the Nikkei index, which rose 90.19 points or 0.23% to 39,688.89; the Hang Seng index, which rose 123.60 points or 0.76% to 16,353.38; the Shanghai index, which rose 18.62 points or 0.62% to 3,046.02; and the Straits Times index, which fell 13.31 points or 0.42% to 3,147.09.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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