The Fed Cuts Interest Rates, Indonesia's Stock Exchange (IHSG) Closes Up 0.60% (Friday, November 8, 2024)
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The Jakarta Composite Index (IHSG) strengthened by 0.60% to 7,287.19 at the close of trading on Friday (November 8, 2024).
Phintraco Sekuritas stated that this strengthening was triggered by positive catalysts from The Fed's decision to cut interest rates by 25 basis points (bps).
The Fed cut the benchmark Federal Funds rate (FFR) by 25 basis points (bps) to a target range of 4.5%-4.75%. This marks the second interest rate cut in the last seven weeks, following a 50 bps cut in September 2024.
Based on the IDX-IC Sectoral Index, six sectors strengthened today. The basic materials sector led with a 3.09% increase, followed by the technology and transportation sectors, which rose by 2.19% and 0.70%, respectively.
Then, five other sectors experienced corrections. The consumer staples sector fell the most, by 2.34%, followed by the property and financial sectors, which fell by 0.42% and 0.21%, respectively.
According to RTI Business data, the frequency of domestic stock trading today reached 1.07 million transactions.
A total of 17.13 billion shares changed hands, with a total transaction value of Rp10.24 trillion.
289 stocks closed higher today, 287 stocks weakened, and 204 stocks were stagnant.
Today's top gainers were DWGL, which soared 34.78%, followed by MLPT and KLAS, which rose by 20% and 17.43%, respectively.
On the other hand, the stock with the code PICO became the top loser after plunging 16.96%, followed by TOSK and RAJA, which corrected by 14.79% and 13.03%, respectively.
Asian stock exchanges closed mixed this afternoon. The Nikkei index rose 0.30% to 39,500.39; the Hang Seng index fell 1.07% to 20,728.18; the Shanghai index fell 0.53% to 3,542.30; and the Straits Times index rose 0.60% to 3,724.37.
"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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