Indonesia's Composite Stock Price Index (IHSG) Strengthens in Line with Gains in Asian Markets (Thursday, May 16, 2024)

The Jakarta Composite Index (JCI) strengthened by 66.86 points or 0.93% to 7,246.7 at the close of trading on Wednesday (May 15, 2024). This index strengthening occurred in line with the positive performance of Asian regional markets.

Pilarmas Investindo Sekuritas assessed that the strengthening of the JCI and regional markets is in line with market expectations that the Federal Reserve will lower interest rates.

This expectation was influenced by the release of US annual inflation data, which fell to 3.4% (year-on-year/yoy) in April 2024.

"The release of US inflation data provides hope for a cut in its benchmark interest rate," wrote the Pilarmas Investindo Sekuritas research team in its study, as reported by *Katadata*, Thursday (May 16, 2024).

Based on the IDX-IC Sectoral Index, all stock sectors strengthened today. The basic materials sector led with a 2.69% increase, followed by the property and transportation-logistics sectors, which rose by 1.73% and 1.74%, respectively.

According to RTI Business data, the frequency of stock trading on the domestic exchange today was 1.19 million transactions.

A total of 18.96 billion shares changed hands, with a transaction value of approximately Rp 14.06 trillion.

312 stocks closed higher today, 250 stocks were stagnant, and 210 stocks weakened.

Today's top gainers were BABY, which soared 34.69%, followed by GZCO and BRPT, which rose 26.67% and 24.76%, respectively.

On the other hand, the stock with the code SOLA became the top loser after falling 25%, followed by MHKI and KJEN, which fell 24.88% and 14.63%, respectively.

A number of Asian stock exchanges this afternoon closed in positive territory. The Nikkei index strengthened by 1.39% to 38,920.30, the Hang Seng index strengthened by 1.59% to 19,376.52, the Shanghai index strengthened by 0.08% to 3,122.39, and the Straits Times index strengthened by 0.47% to 3,304.98.