JCI Closes Higher Amid Stability of Domestic Economic Data

Jakarta (ANTARA) - The Indonesia Composite Index (JCI) on the Indonesia Stock Exchange (IDX) closed higher on Tuesday afternoon, following the stability of domestic economic data.

The JCI closed up 74.46 points, or 1.14 per cent, to reach 6,599.94. Meanwhile, the LQ45 index, comprising 45 blue-chip stocks, rose by 10.58 points, or 1.64 per cent, to 654.41.

“Domestically, the JCI strengthened, supported by positive sentiment regarding the government’s fiscal credibility, as reflected in the 2.40 per cent deficit target for 2027. Budget realisation up to July 2026 also remains solid, with state revenue growing by 21.3 per cent year-on-year (yoy) and expenditure increasing by 18.2 per cent (yoy),” stated Maximilianus Nico Demus, Associate Director of Research and Investment at Pilarmas Investindo Sekuritas, in his analysis in Jakarta on Tuesday.

From within the country, the Central Bureau of Statistics (BPS) announced monthly inflation of 0.21 per cent month-to-month (mtm) for the August 2024 period, with annual inflation at 3.19 per cent (yoy), remaining within Bank Indonesia’s (BI) target range of 2.5 per cent plus or minus 1 per cent.

“The trade balance surplus will certainly support and strengthen the stability of the domestic financial market,” said Nico.

Meanwhile, manufacturing activity in August 2024 showed a slowdown in sector growth, entering a contraction zone, as the S&P Global Indonesia Manufacturing PMI fell to 49.8 in August 2024 from a five-month high of 50.2 in July 2024.

“This shows that remaining within the target range is the result of consistent monetary policy and close synergy in inflation control between BI and the government,” added Nico.