The Composite Stock Price Index (IHSG) of the Indonesia Stock Exchange (IDX) on Tuesday (20/8) is expected to move variably amid market players adopting a wait and see attitude towards the Bank Indonesia (BI) Board of Governors Meeting (RDG).
IHSG opened up 27.06 points or 0.36% to 7,493.89. The group of 45 leading stocks or the LQ45 Index rose 3.66 points or 0.39% to 931.83. “IHSG today (20/8) is predicted to move mixed (variative) in the range of 7,380 to 7,500,” said Financial Expert Ajaib Sekuritas Ratih Mustikoningsih in Jakarta, Tuesday.
Domestically, the JCI closed again at a new All Time High (ATH) level in line with the strengthening of Big Caps stocks at the end of the session. Market players responded positively to the strengthening rupiah exchange rate, which could affect the BI-Rate interest rate decision this week.
On the other hand, based on the Residential Property Price Survey (SHPR) Results, the growth of the Residential Property Price Index (IHPR) in the second quarter of 2024 grew by 1.76% year on year (yoy) or smaller than the previous quarter which grew by 1.89% (yoy).
Meanwhile, residential property sales in the primary market grew 7.30% (yoy) or slower than sales growth in the previous quarter of 31.16%. From the consumer side, primary home purchases with the Home Ownership Credit (KPR) financing scheme reached 75.52% of total financing.
From abroad, market players are watching the holding of the Democratic National Congress (DNC) in addition to the Jackson Hole Symposium this week. The DNC is a political event organized by the Democratic Party ahead of the US Election in November 2024.
Also read: IHSG Weakens as Fed Interest Rate Cut Optimism
Famous figures will attend and fill the event including the work program campaign by the new presidential candidate from the Democratic Party, Kamala Harris.
From Asia, the Composite Consumer Sentiment Index (CCSI) in August 2024 was at 100.8 or down 2.8 points from the previous month’s position. There is optimism about the current and future economic conditions declining.
The regional Asian stock exchanges this morning included the Nikkei index, which strengthened by 604.59 points or 1.62% to 37,993.19; the Hang Seng index weakened by 75.83 points or 0.43% to 17,493.74; the Shanghai index weakened by 17.79 points or 0.61% to 2,875.87, and the Straits Times index strengthened by 6.10 points or 0.18% to 3,361.66. (Ant/Z-2)
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