Indonesia's Composite Stock Price Index (IHSG) Closed Up 0.82%, in Line with Gains in Asian Markets (Monday, August 26, 2024)
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The Jakarta Composite Index (IHSG) rose 61.89 points or 0.82% to close at 7,606.19 on Monday (26/8/2024). The LQ45 index, comprising 45 leading stocks, also increased by 6.84 points or 0.82% to 7,606.18.
The IHSG's rise coincided with a generally positive trend in Asian stock markets. The Hang Seng Index strengthened by 1.06% to 17,798.73; the Shanghai Composite Index rose 0.04% to 2,855.52; and the Straits Times Index gained 0.24% to 3,396.03. Only the Nikkei Index weakened, falling 0.66% to 38,110.19.
According to Antaranews.com, the strengthening of Asian markets is partly due to sentiment and predictions of a reduction in the benchmark interest rate by the US Federal Reserve.
"Asian markets are generally strengthening, following Federal Reserve Chairman Jerome Powell's statement that the time has come to begin easing interest rates and emphasizing that the central bank does not want to see further weakening in the labor market," stated the Research Team of Pilarmas Investindo Sekuritas Indonesia to Antaranews.com on Monday (26/8/2024).
The research team mentioned that the US will release economic growth data on Thursday (29/08/2024), with the quarterly GDP expected to increase from 1.4% to 2.8%.
This forecast further distances the US from the possibility of a recession. This week, market participants are also awaiting the release of US personal consumption expenditures (PCE) price index, a key indicator of inflation.
The monthly PCE Price Index is expected to rise from 0.1% to 0.2%. However, the monthly Core PCE Price Index is predicted to remain at 0.2%.
Based on the IDX-IC Sectoral Index, eight sectors strengthened, led by the non-primary consumer goods sector with a 1.97% increase, followed by the property and basic materials sectors, which rose by 1.97% and 1.17% respectively.
According to RTI Business data, the frequency of stock trades on the domestic exchange today totaled 1.15 million transactions.
A total of 16.59 billion shares changed hands, with a transaction value of Rp 12.41 trillion.
360 stocks rose today, 219 fell, and 217 remained unchanged.
Today's top gainers were CITY, which grew by 34.33%, followed by TMPO and SURI, which increased by 31.74% and 19.42% respectively.
SMIL was today's top loser, with a decline of 21.86%, followed by VISI and CBUT, which fell by 18.49% and 14.86% respectively.
(See also: 407 Stocks in the Green, IHSG Closes Higher (Friday, August 23, 2024))
"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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