The Composite Stock Price Index (IHSG) of the Indonesia Stock Exchange (IDX) on Monday (12/8) has the potential to strengthen amid domestic and global sentiment. IHSG opened up 8.14 points or 0.35% to 7,265.14. The group of 45 leading stocks or the LQ45 Index rose 1.13 points or 0.12% to 909.26.
“The IHSG movement has the potential to strengthen amidst conducive global and domestic sentiment,” said the Lotus Andalan Sekuritas Research Team in its study in Jakarta, Monday. Domestically, Bank Indonesia (BI) reported that consumer confidence in economic conditions is still increasing compared to the previous month, as reflected in the July 2024 Consumer Confidence Index (IKK) of 123.4 or slightly higher than 123.3 in the previous month.
Today, market players will receive the release of data related to retail sales by BI through the Consumer Survey report for the July period and Retail Sales for the June 2024 period. Based on consensus, retail sales throughout June 2024 are estimated to contract by 1.7% compared to the previous month which still grew by 2.1%.
From abroad, the United States (US) Department of Labor reported that initial claims for state unemployment benefits fell 17,000 to a seasonally adjusted 233,000 for the week ending August 3, 2024. This marked the largest decline in 11 months and fell short of expectations of 240,000.
Meanwhile, US stock exchanges on Wall Street closed higher with the Nasdaq and S&P 500 indexes closing up more than 2% after jobless claims fell more than expected last week. This eased concerns.
The Dow Jones Industrial Average closed up 683.04 points, or 1.76 percent, to 39,446.49; the S&P 500 gained 119.81 points, or 2.30 percent, to 5,319.31; and the Nasdaq Composite gained 464.22 points, or 2.87 percent, to 16,660.02.
The regional Asian stock exchanges this morning included the Hang Seng index weakening by 39.61 points or 0.23% to 17,050.53; the Shanghai index strengthening by 0.45 points or 0.02% to 2,862.64; and the Straits Times index weakening by 28.56 points or 0.88% to 3,233.27. The Nikkei index (Japan) was closed to commemorate the country’s national holiday. (Ant/Z-2)
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