Jakarta. The Indonesia Composite Index (JCI) saw a modest increase of 0.33 percent during the week of October 7–11, 2024, closing at 7,520.6 compared to 7,496.09 the previous week. The total market capitalization of the Indonesian Stock Exchange (IDX) also rose slightly by 0.01 percent, reaching Rp 12,532 trillion ($804.9 billion), up from Rp 12,531 trillion the week before.

However, analysts from NH Korindo Sekuritas Indonesia (NHKSI) expressed caution, noting that the JCI's position is increasingly fragile. "The JCI dipped below the critical 7,500 level for the first time in 2.5 months amid continued foreign outflows," NHKSI reported. On Thursday alone, foreign investors withdrew Rp 766.93 billion from the regular market, bringing the year-to-date net foreign sell to Rp 2.54 trillion.

NHKSI advised investors to adopt a "wait and see" approach, highlighting the potential market impact of key global events. These include the US Producer Price Index (PPI) data, which was 1.8 percent higher in September than a year earlier, the Q3 earnings reports of major US banks, and China's upcoming economic stimulus announcement over the weekend.

Meanwhile, US stocks reached new record highs on Friday, with the S&P 500 climbing 0.6 percent and the Dow Jones Industrial Average jumping 409 points or 1 percent. However, the Nasdaq gained only 0.3 percent, weighed down by Tesla's underperformance.

In contrast, Asian markets remained volatile. Shanghai stocks fell 2.5 percent ahead of China’s expected stimulus briefing, while South Korea’s Kospi dipped 0.1 percent after its central bank cut interest rates for the first time in over four years.