Fed Policy Anticipation Weighs on Indonesian Stock Exchange, Closing Down 0.63% (Thursday, November 28, 2024)

The Jakarta Composite Index (IHSG) weakened by 0.63% to 7,200.15 at the close of trading on Thursday (28/11/2024).

Pilarmas Investindo Sekuritas assessed that the market appears to be anticipating a cautious approach by the United States Federal Reserve (the Fed) in cutting its benchmark interest rate.

This is in line with the release of US economic data showing 2.8% annual growth in the third quarter of 2024.

"This signals the strength of the US economy, leading the market to respond with a view that increasingly limits the Fed's room to lower interest rates next year," wrote Pilarmas Investindo Sekuritas in its analysis, as reported by *Katadata*, Thursday (28/11/2024).

Based on the IDX-IC Sectoral Index, seven domestic stock sectors were corrected today. The energy sector fell the most, by 2.81%, followed by the basic materials and infrastructure sectors, which corrected by 1.13% and 0.86%, respectively.

Meanwhile, four other sectors strengthened, with the health sector leading with a 2.20% increase. The non-cyclical consumer goods and cyclical consumer goods sectors rose by 0.31% and 0.07%, respectively.

According to RTI Business data, the frequency of stock trading on the domestic exchange today was 1.06 million transactions.

A total of 26.22 billion shares changed hands, with a total transaction value of Rp 10.70 trillion.

342 stocks closed lower today, 228 stocks were stagnant, and 222 stocks strengthened.

Citing *Investing.com*, today's top losers were SURI and TOSK, both plummeting 34.56%, followed by ADRO, which fell 24.80%.

On the other hand, today's top gainers were SKLT, soaring 34.83%, followed by UNTD and INPC, which rose by 34.69% and 25%, respectively.

Asian stock exchanges closed mixed this afternoon. The Nikkei index rose 0.56% to 38,349.06; the Hang Seng index fell 1.20% to 19,366.96; the Shanghai index fell 0.43% to 3,295.70; and the Straits Times index rose 0.79% to 3,737.25.