The Indonesian Stock Exchange (BEI) Composite Stock Price Index (IHSG) on Wednesday (23/10) opened lower by 14.97 points or 0.19% to 7,774.00. Meanwhile, the group of 45 leading shares or the LQ45 index fell 3.21 points or 0.34% to 951.16. Even though it opened lower, the JCI is predicted to move stronger in line with the stability of Indonesia’s domestic economy.
“The news from Bank Indonesia (BI) has encouraged the strengthening of the Indonesian stock market, economic liquidity or broad money circulation (M2) in September 2024 will grow steadily,” said the Lotus Andalan Sekuritas Research Team in its study in Jakarta, Wednesday.
Bank Indonesia (BI) reported that the M2 position in September 2024 was recorded at IDR 9,044.9 trillion or grew by 7.2% year on year (yoy).
On Thursday (24/10), President Prabowo Subianto will gather the Red and White Cabinet ministers at the Military Academy, Magelang, Central Java, to align the ministers’ vision, especially regarding the steps that will be taken, perhaps regarding programs within 100 days. forward to the Prabowo-Gibran era.
From abroad, market players are currently conducting analysis regarding a series of company performance results on the United States (US) stock exchange to measure the health of large companies on the Wall Street Exchange.
On the other hand, the International Monetary Fund (IMF) maintains its global economic growth projection of 3.2 percent (yoy) for 2024, while for 2025 the economy is projected to grow 3.2% (yoy).
The 2025 projection is lower than the estimate in July 2024, while medium-term growth is expected to slow to 3.1 percent (yoy), or far below the trend before the COVID-19 pandemic.
From Europe, consensus expects the European Central Bank (ECB) to cut borrowing costs by around 130 basis points (bps) by the end of 2025, after ECB President Christine Lagarde said that inflation in the currency union might fall back to 2 percent, or sooner than previously estimated.
Meanwhile, the US Wall Street stock exchange closed mixed in trading on Tuesday (22/10) US time. The Dow Jones index weakened 0.02% to 42,924.89 and the S&P 500 index fell 0.05% to 5,851.2, on the other hand, the Nasdaq index strengthened 0.18% to 18,573.13.
The weakening of the Wall Street Exchange was triggered by a spike in 10-year US Treasury yields which rose 0.05% to touch 4.21 percent in trading on Tuesday (22/10).
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