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Middle East Conflict Intensifies, Indonesian Stock Exchange Closes Lower (Tuesday, May 14, 2024)

Nabilah Muhamad 14/05/2024 18:37 WIB

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The Jakarta Composite Index (JCI) closed down 0.22% to 7,083.76 at the close of trading on Tuesday (May 14, 2024). The decline occurred amid the escalating conflict in the Middle East.

Jakarta Composite Index (JCI) April 14 - May 14, 2024

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Middle East Conflict Intensifies, Indonesian Stock Exchange Closes Lower (Tuesday, May 14, 2024)

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Jakarta Composite Index (JCI) April 14 - May 14, 2024

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The Jakarta Composite Index (JCI) closed down 15.49 points or 0.22% to 7,083.76 on Tuesday's (14/5/2024) trading session.

According to Pilarmas Investindo Sekuritas, the index's decline was partly triggered by the escalating conflict in the Middle East, with the Israeli army continuing its attacks on the Gaza Strip, Palestine.

"Asian regional exchanges tended to remain weak, seemingly influenced by the conflict in the Middle East," said the research team at Pilarmas Investindo Sekuritas, as reported by *Antara* on Tuesday (14/5/2024).

Based on the IDX-IC Sectoral Index, eight sectors experienced corrections today, led by the industrial sector, which fell by 1.41%, followed by the technology and energy sectors, which fell by 1.14% and 0.97%, respectively.

Meanwhile, three other sectors strengthened, with the consumer staples sector showing the highest increase at 0.73%. This was followed by the property and healthcare sectors, which rose by 0.71% and 0.51%, respectively.

According to RTI Business data, the frequency of stock trades on the domestic exchange today totaled 1.09 million transactions.

A total of 18.29 billion shares changed hands, with a transaction value reaching Rp 13.38 trillion.

273 stocks closed higher today, while 267 stocks weakened and 236 stocks remained stagnant.

MPXL was today's *top loser*, plunging 17.24%, followed by IBOS and ASII, which fell by 9.88% and 9.75%, respectively.

On the other hand, CHEM was today's *top gainer*, soaring 35%, followed by SOLA and KICI, which rose by 29.66% and 28.37%, respectively.

Asian stock exchanges closed mixed this afternoon. The Nikkei index rose 0.46% to 38,356.10, the Hang Seng index fell 0.22% to 19,073.71, the Shanghai index fell 0.07% to 3,145.77, and the Straits Times index rose 0.29% to 3,313.35.

Editor : Adi Ahdiat

"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."