All-Time High Close for JCI as Wall Street Momentum, MSCI Flows Spill Over
Jakarta. Jakarta Composite Index (JCI) rallied to a fresh all-time high on Monday as investors cheered a wave of positive cues from overseas markets and steady foreign inflows at home.
The benchmark index closed at 8,570, jumping 156 points or 1.85 percent, marking its strongest level this November.
The market traded within the 8,429–8,570 range, with 49.42 billion shares changing hands. Turnover reached Rp 41.50 trillion ($2.49 billion) across more than 2.54 million transactions. Market breadth leaned positive, with 343 gainers, 297 decliners, and 172 unchanged.
Pilarmas Investindo Sekuritas mentioned Asian equities tracked Wall Street’s advance after New York Fed President John Williams signaled a potential third rate cut this year, citing a weakening US labor market.
“This suggests short-term rate cuts remain on the table as labor-market risks now outweigh high inflation,” Pilarmas wrote in a Monday note.
CME FedWatch now places the odds of a 25-basis-point cut in December at around 69 percent, up from 44 percent a week earlier.
Domestically, Pilarmas highlighted continued foreign appetite. Bank Indonesia recorded Rp 2.29 trillion in foreign inflows across stocks and government bonds from Nov. 17–20. Pilarmas added that today’s MSCI index rebalancing also supported momentum, though it could trigger a “sell-on-news” wave as traders look to lock in profits.
Across Asia, markets were mostly higher.
Hong Kong’s Hang Seng climbed 1.8 percent to 25,667, boosted by Alibaba’s 5.1 percent jump ahead of its earnings release. Shanghai was flat at 3,834, while South Korea’s Kospi slipped 0.2 percent to 3,846.06 after heavy selling in automakers. Japan’s markets were closed for a holiday.
In the US, all major indexes ended Friday in the green, with the S&P 500 up 1 percent, Dow up 1.1 percent, and Nasdaq 0.9 percent higher. The upcoming Thanksgiving break, followed by Black Friday and Cyber Monday, puts retail spending in focus, which analysts say will be crucial in a “data-scarce” environment following the six-week US government shutdown.
Back on the IDX, top gainers included Era Media Sejahtera (DOOH) and Bundamedik (BMHS), soaring 34.57 percent and 34.52 percent respectively. Diagnos Laboratorium Utama (DGNS) rose 34.48 percent, while Paragon Karya Perkasa (PKPK) climbed 25 percent.
Among the biggest decliners, Puri Global Sukses (PURI) dropped 14.86 percent, Koka Indonesia (KOKA) slid 12.50 percent, and Hassana Boga Sejahtera (NAYZ) and Agung Menjangan Mas (AMMS) lost 10 percent and 9.81 percent respectively.
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