Ahead of the US Inflation Data Release, the Indonesian Composite Stock Index (IHSG) Closed Up 0.81% (Tuesday, August 13, 2024)
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The Jakarta Composite Index (IHSG) strengthened by 0.81% to 7,356.64 at the close of trading on Tuesday (August 13, 2024).
Pilarmas Investindo Sekuritas assessed that this strengthening was driven by market optimism regarding a cut in interest rates by the United States Federal Reserve (The Fed).
"Asian regional exchanges tend to strengthen as market players begin to gauge the prospects of a Fed rate cut in connection with the release of US economic data on Wednesday local time," wrote the Pilarmas Investindo Sekuritas Research Team in its study, released by *Antaranews*, Tuesday (August 13, 2024).
In addition, the market is also considered to be taking into account investor risk-off sentiment amid geopolitical turmoil in the Middle East, which is feared to be escalating.
Based on the IDX-IC Sectoral Index, 10 out of 11 stock sectors strengthened today. The consumer staples sector led with a 2.99% increase, followed by the transportation and energy sectors, which rose by 2.30% and 2.11%, respectively.
Meanwhile, only one sector weakened today, namely the industrial sector, which fell by 0.51%.
According to RTI Business data, the frequency of stock trading on the domestic exchange today was 1.02 million transactions.
A total of 15.65 billion shares changed hands with a total transaction value of Rp 8.57 trillion.
332 stocks closed higher today, 224 stocks were stagnant, and 230 stocks weakened.
Today's top gainers were WTON, which surged 27.38%, followed by WEGE and WIKA, which rose 26.15% and 24.30%, respectively.
On the other hand, the stock with the code GRIA became the top loser after plunging 10.95%, followed by MOLI and AIMS, which fell 7.64% and 7.41%, respectively.
In line with the strengthening IHSG, Asian regional exchanges closed higher this afternoon. The Nikkei Index strengthened by 3.34% to 36,193.80, the Hang Seng Index strengthened by 0.36% to 17,174.06, the Shanghai Index strengthened by 0.34% to 2,867.94, and the Straits Times Index strengthened by 0.72% to 3,258.57.
"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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