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JCI Soared Along With the Strengthening of Asian and Global Markets

The Composite Stock Price Index (IHSG) of the Indonesia Stock Exchange (IDX) opened Monday morning, rising in line with the strengthening of Asian and global stock exchanges.

JCI opened up 12.69 points or 0.18 percent to 6,908.13. Meanwhile, the group of 45 leading stocks or the LQ45 index rose 1.79 points or 0.19 percent to 958.51.

“The JCI on Monday (28/8) is expected to move limitedly with a tendency to weaken, considering that global economic sentiments are still variable,” said the Lotus Andalan Sekuritas Research Team in their study in Jakarta, Monday.

From within the country, the focus of market players is on the announcement of a new instrument that will be launched by Bank Indonesia (BI) on 15 September 2023, namely Bank Indonesia Rupiah Securities (SRBI).

SRBI is a short tenor debt instrument (1 week to 12 months) using government bonds owned by BI as its underlying asset.

In addition, this week there was also the release of Indonesia’s annual inflation rate data for the August 2023 period on Friday (01/09).

Meanwhile, the United States (US) stock market rallied at the end of last week, responding to comments by Federal Reserve Chair Jerome Powell at the annual central bank conference in Jackson Hole, Wyoming, which showed stronger economic growth than expected.

Powell reaffirmed the central bank’s commitment to reducing inflation back to the 2 percent target, in which some investors expressed optimism that the Fed is nearing the end of its interest rate hike cycle.

From Asia, the People’s Bank of China (PBoC) cut its 1-year prime lending rate (LPR) by 10 basis points to a record low of 3.45 percent, and unexpectedly kept its 5-year interest rate, (which is a reference for mortgages) in 4.2 percent.

Asian regional stock exchanges this morning, among others, the Nikkei index strengthened 510.00 points or 1.61 percent to 32,134.30, the Hang Seng index strengthened 392.68 points or 2.19 percent to 18,349.07, the Shanghai index strengthened 79.41 points or 2.59 percent to 3,143.48, and the Straits Times index strengthened 34.66 points, or 1.09 percent, to 3,224.54.

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