Indonesia's Composite Stock Price Index (IHSG) Strengthens Amidst Await of The Fed's Decision (Tuesday, July 9, 2024)

The Jakarta Composite Index (JCI) strengthened by 0.26% to 7,269.80 at the close of trading on Tuesday (July 9, 2024).

According to Pilarmas Investindo Sekuritas, this index strengthening occurred amidst market players adopting a wait-and-see approach towards the Federal Reserve's interest rate decision.

"The market anticipates a 77% probability of the Fed lowering its benchmark interest rate in September and is expected to make another reduction in December," said the Pilarmas Investindo Sekuritas team, as reported by Antara, Tuesday (July 9, 2024).

Based on the IDX-IC Sectoral Index, six stock sectors strengthened today. The finance sector led with a 1.44% increase, followed by the industrial and infrastructure sectors, which rose by 1.10% and 0.31%, respectively.

Meanwhile, five other stock sectors experienced corrections. The health sector fell the most, by 1.28%, followed by the energy and basic materials sectors, which fell by 0.76% and 0.34%, respectively.

According to RTI Business data, the frequency of stock trading on the domestic exchange today was 1.15 million transactions.

A total of 17.01 billion shares changed hands, with a total transaction value of approximately Rp 11.01 trillion.

295 stocks closed higher today, 255 stocks weakened, and 240 stocks were stagnant.

Today's top gainers were GUNA, which soared 34.67%, followed by BLES and SURI, which rose by 24.39% and 21.77%, respectively.

On the other hand, the stock with the code PGAS was the top loser after contracting 6.77%, followed by WEGE and WTON, which fell by 6.76% and 6.52%, respectively.

Almost all Asian regional exchanges closed in the green this afternoon. The Nikkei index rose 1.96% to 41,580.19, the Shanghai index rose 1.26% to 2,959.37, the Straits Times index rose 0.64% to 3,426.09, while the Hang Seng index weakened 0% to 17,523.23.