Jakarta. The Jakarta Composite Index (JCI) fell by 0.7 percent this week, closing at 7,256.9, down from 7,308.1 the previous week, amid concerns about a potential economic slowdown in the United States following recent US labor data.

Market capitalization also declined by 0.87 percent to Rp 12,302 trillion from Rp 12,410 trillion. The average daily transaction value dropped 6.53 percent to Rp 9.63 trillion, compared to Rp 10.31 trillion the previous week. Despite this, the average daily transaction volume rose by 3.6 percent to 16 billion shares, and the average daily transaction frequency increased by 4.15 percent to 981,000 transactions.

On Friday, foreign investors recorded a net buy of Rp 450.63 billion, bringing the total foreign net buy for the year to Rp 1.42 trillion.

Pilarmas Investindo Sekuritas noted that market concerns eased after US employment data released on Thursday, showed better-than-expected results. New US unemployment claims last week reached 233,000, below the expected 240,000 and down from 250,000 the previous week.

“This data has at least given the market confidence in the condition of the U.S. economy,” Pilarmas stated in its research.

In Wall Street, the S&P 500 rose 0.5 percent on Friday to shave what had been a brutal loss for the week down to a barely registerable 0.04 percent. The Dow Jones Industrial Average added 51 points or 0.1 percent, and the Nasdaq composite climbed 0.5 percent.

The gains pulled the S&P 500 back within 5.7 percent of its all-time high set last month after it had sunk nearly 10 percent below that record during the week. It was a vicious return of volatility for a market that had been rising smoothly, and a measure of fear on Wall Street briefly surged toward its highest level since the 2020 COVID crash. Worries are still high about the strength of the US economy, and reports are due next week on inflation, sales at retailers, and other measures of strength.

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