Indonesia's Composite Stock Price Index (IHSG) closed down 0.30% after the central bank (BI) cut its benchmark interest rate (Wednesday, September 18, 2024)
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The Jakarta Composite Index (JCI) weakened by 0.03% to 7,829.13 at the close of trading on Wednesday (September 13, 2024).
This decline occurred after Bank Indonesia (BI) announced a 25-basis-point cut in its benchmark interest rate to 6% in September 2024.
Phintraco Sekuritas believes that BI still has room to cut interest rates until the end of 2024. This is considered based on domestic economic fundamentals such as low inflation, a stable Rupiah exchange rate, and GDP growth in line with the state budget range.
"In addition, BI continues to assess economic conditions in developed countries, especially the United States, to adjust its monetary policy appropriately," wrote Phintraco Sekuritas in its study, as reported by *Katadata*, Wednesday (September 18, 2024).
Based on the IDX-IC Sectoral Index, five sectors experienced corrections today. The technology sector fell the most, by 2.59%, followed by the non-primary consumer goods sector and the infrastructure sector, which fell by 1.56% and 1.33%, respectively.
Meanwhile, six other sectors strengthened. The property sector rose the highest, by 2%, followed by the health sector and the industrial sector, which rose by 1.84% and 0.86%, respectively.
According to RTI Business data, the frequency of stock trading on the domestic exchange today was 1.31 million transactions.
A total of 28.77 billion shares changed hands, with a transaction value of Rp 12.74 trillion.
295 stocks closed lower today, 282 stocks rose, and 222 stocks were stagnant.
The issuer with the code NASI was the *top loser* today after plummeting 13.68%, followed by TFAS and VISI, both down 10%.
On the other hand, the *top gainer* today was MMIX, which soared 22.22%, followed by GUNA and SGER, which rose by 19.01% and 17%, respectively.
Asian stock exchanges closed mixed this afternoon. The Nikkei index rose 0.49% to 36,380.19, the Shanghai index rose 0.49% to 2,717.28, and the Straits Times index fell 0.03% to 3,592.41. The Hang Seng index was closed for a national holiday.
"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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