Market Awaits Fed Speech, IHSG Closes Down 0.20% (Tuesday, July 2, 2024)
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The Jakarta Composite Index (IHSG) closed down 0.20% to 7,125.14 on Tuesday (July 2, 2024).
Phintraco Sekuritas assessed that today's stock weakness was driven by the market anticipating Federal Reserve Governor Jerome Powell's speech on Tuesday (January 7, 2024), which will signal the direction of its benchmark interest rate policy.
"Powell is believed to emphasize the Fed's data-dependent stance on the possibility of cutting the benchmark interest rate," wrote the Phintraco Sekuritas Research Team in its study, as reported by *Katadata*, Tuesday (July 2, 2024).
Based on the IDX-IC Sectoral Index, seven stock sectors were corrected today. The transportation sector fell the most, by 1.51%, followed by the transportation and property sectors, which fell by 0.26% and 0.23%, respectively.
Meanwhile, four other stock sectors strengthened. The energy sector rose the highest, by 1.52%, followed by the property and technology sectors, which rose by 0.52% and 0.13%, respectively.
According to RTI Business data, the frequency of stock trading on the domestic exchange today was 979,740 transactions.
A total of 13.72 billion shares changed hands, with a total transaction value of Rp 10.47 trillion.
270 stocks closed lower today, 261 stocks rose, and 251 stocks were stagnant.
The issuer with the code KJEN was today's *top loser* after plunging 12.07%, followed by IBOS and BULL, which fell by 9.82% and 9.22%, respectively.
On the other hand, today's *top gainer* was LABA, which soared 26.01%, followed by WIKA and KPIG, which rose by 15.79% and 14.67%, respectively.
All Asian stock exchanges this afternoon closed in the green. The Nikkei index rose 1.12% to 40,074.69, the Hang Seng index rose 0.29% to 17,769.14, the Shanghai index rose 0.08% to 2,997.01, and the Straits Times index rose 0.88% to 3,367.89.
"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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