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Jakarta Composite Index Falls Amidst Protests and Global Market Uncertainty

Faisal Maliki Baskoro
August 22, 2024 | 12:52 pm
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A worker taking picture of a screen, showing the fluctuation of stocks in IDX, Jakarta, July 4, 2023. (Antara Photo/Hafidz Mubarak A)
A worker taking picture of a screen, showing the fluctuation of stocks in IDX, Jakarta, July 4, 2023. (Antara Photo/Hafidz Mubarak A)

Jakarta. The Jakarta Composite Index (JCI) fell by 43.3 points (0.57 percent) to 7,511.2 at the close of the first session on Thursday. The index fluctuated between 7,479 and 7,554, with most sectors showing declines, notably the transportation sector.

During the first session, 11.07 billion shares were traded, with a transaction value of approximately Rp 31.85 trillion and 623,538 trades executed. Of the 205 stocks that rose, 350 fell, and 219 remained unchanged. Major blue-chip stocks also weakened, with LQ45 and Investor33 dropping by 0.58 percent.

In Jakarta, thousands protested as part of the "Indonesia Emergency Alert" movement, which gained traction on social media after the House of Representatives (DPR) dismissed recent Constitutional Court (MK) rulings. Amid the unrest, the DPR postponed a plenary session to pass the Regional Elections Bill (RUU Pilkada) due to insufficient quorum.

To manage the protests, 2,975 police and military personnel were deployed at key locations in Jakarta, including the DPR building, Arjuna Wijaya Statue, Constitutional Court (MK), and Merdeka Palace.

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In global markets, Asian shares traded mixed despite Wall Street’s positive performance on strong profit reports from major companies. Trading is expected to remain subdued ahead of the annual central bankers' conference in Jackson Hole, Wyoming, where Federal Reserve Chair Jerome Powell is expected to discuss potential rate cuts.

Japan’s Nikkei 225 rose 0.6 percent to 38,190.85, while Australia’s S&P/ASX 200 gained 0.2 percent to 8,029.40. South Korea’s Kospi fell 0.1 percent to 2,697.43 amid speculation on the Bank of Korea's monetary policy decisions. Hong Kong’s Hang Seng edged up 0.1 percent to 17,413.42, and the Shanghai Composite remained steady at 2,855.16.

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