Jakarta. The Jakarta Composite Index (JCI) set a new record, rising 0.57 percent to 7,670.733 by the end of the trading week from Aug. 26 to 30. This surpasses the previous record of 7,658.875 achieved on Wednesday, Aug. 28.

Weekly data shows that market capitalization climbed by 2.62 percent to a new record of Rp 13,114 trillion ($844.3 billion), up from Rp 12,779 trillion the previous week. The average daily transaction value saw a significant increase of 86.73 percent, reaching Rp 35.86 trillion compared to Rp 19.20 trillion in the prior week. Additionally, the average daily transaction frequency rose by 10.64 percent to 1.2 million transactions, up from 1.08 million.

Meanwhile, the Jakarta Composite Index (JCI) gained 1.68 percent over the week, closing at 7,670.733, an improvement from 7,544.298 the previous week. However, the average daily transaction volume experienced a slight decline of 1.41 percent, falling to 19.40 billion shares from 19.67 billion shares in the previous week.

Foreign investors posted a net buy of Rp 11.21 trillion on Friday, bringing the total net buy for 2024 to Rp 27.72 trillion.

Global Markets Rally as Wall Street and Asia Lead the Way

Stocks on Wall Street closed higher on Friday, marking the market’s fourth consecutive month of gains. A late-afternoon rally helped the S&P 500 recover from a midafternoon slump, ending the day 1 percent higher, with 76 percent of stocks in the index posting gains.

The S&P 500 finished August with a 2.3 percent gain for the month, bringing its year-to-date increase to 18.4 percent, just 0.4 percent shy of its all-time high set in July. The Dow Jones Industrial Average rose 0.6 percent, achieving its fourth all-time high of the week, while the Nasdaq composite gained 1.1 percent.

European markets initially rose following a report showing a sharp drop in inflation within the European Union, which could prompt the European Central Bank to cut interest rates next month. However, major European indexes turned red by late afternoon, with France's CAC 40 slipping 0.1 percent, and Germany's DAX and Britain's FTSE 100 remaining flat.

Asian markets also experienced gains, with Japan’s benchmark Nikkei 225 adding 0.7 percent to close at 38,647.75, driven by mostly positive economic data from the world’s fourth-largest economy.