The Indonesian stock market closed the first week of September with record highs in both the Jakarta Composite Index (JCI) and market capitalization, which reached a new all-time high of IDR 13,217 trillion (approximately USD 855 billion) on Friday (6/9/24,) surpassing the previous record of IDR 13,127 trillion set on Tuesday (5/9/24) according to Jakarta Globe.
The JCI hit its highest level ever at 7,721.846, beating the earlier record of 7,694.530 set on the same Tuesday.
During the week of September 2 to 6, the average daily trading volume jumped 13.27 percent to 21.98 billion shares from 19.40 billion shares the previous week. Market capitalization also grew 0.78, while the JCI saw a 0.67 percent increase.
The average daily transaction frequency dropped 6.44 percent to 1.12 million trades from 1.2 million the previous week. The average daily transaction value experienced a significant 70.18 percent decline, down to IDR 10.69 trillion from IDR 35.86 trillion the week before, says Jakarta Globe.
Foreign investors recorded a net buy value of IDR 1.03 trillion on Friday, with a total net buy of IDR 30.99 trillion throughout 2024.
Jakarta Globe is reporting that as of 2024, a total of 105 bond and Islamic bond (sukuk) issuances from 63 issuers have been recorded, amounting to IDR 87.19 trillion. The Indonesia Stock Exchange (IDX) currently lists 586 bonds and sukuk issues, with an outstanding value of IDR 459.66 trillion and USD 60.12 million, issued by 132 companies. Additionally, 186 series of Government Bonds (SBN) worth IDR 6,182.86 trillion and USD 502.10 million are listed on the IDX.
Meanwhile, Wall Street faced another sell-off on Friday, with technology stocks taking the hardest hit after a disappointing US jobs report added to concerns about the economy.
The S&P 500 fell 1.7 percent, marking its worst week since March 2023. Tech giants like Broadcom and Nvidia led the decline, as fears grew that their valuations had surged too high during the artificial intelligence boom. This pulled the Nasdaq composite down by 2.6 percent, the steepest drop among major indexes, says Jakarta Globe.
The Dow Jones Industrial Average lost 410 points, or 1 percent, after erasing an early gain of 250 points.
Despite its dismal week, the S&P 500 remains just 4.6 percent below its all-time high set in July. It’s also still up 13.4 percent for 2024 so far.
Source: Jakarta Globe
