Jakarta. The Jakarta Composite Index (JCI) closed the final trading session of 2024 on a positive note, rising 43.33 points (0.62 percent) to finish at 7,079.9, despite a 3.33 percent drop for the year. This marked a historic year for the IDX, which achieved record highs in September, with the JCI peaking at 7,905.39 and market capitalization reaching Rp 13,475 trillion ($835 billion). The Indonesian stock market also saw strong activity, with 41 new stock listings, 143 bond and sukuk (Islamic bond) issues, 1 new ETF, and 495 structured warrants.

Iman Rachman, President Director of the Indonesia Stock Exchange (BEI), said the exchange maintains its global competitiveness, ranking 10th worldwide in IPO activity with a total of Rp 14.3 trillion raised.

Globally, markets were less buoyant as 2024 came to a close. Tokyo’s Nikkei 225 dropped 1 percent, closing at 39,894.54, as Japan’s stock market ended the year on a somber note. The Japan Exchange Group's CEO Hiromi Yamaji publicly apologized for a recent insider trading case during the traditional year-end ceremony, emphasizing the need to restore trust in the market.

In Europe, major indices also posted losses. Germany’s DAX fell 0.4 percent to 19,896.66, while France’s CAC 40 and Britain’s FTSE 100 lost 0.4 percent and 0.3 percent, respectively. Futures for the S&P 500 and Dow Jones Industrial Average were both 0.3% lower, signaling a muted end to the year for US markets.

South Korea’s stock market was hit by the tragic crash of a Jeju Air flight on Sunday. Shares in the airline plunged 8.7 percent after one of its Boeing 737-800 planes failed to deploy its landing gear and crashed, killing 179 of the 181 people aboard. Authorities are investigating the cause of the failure, while the crash added to Boeing’s woes in a difficult year marked by strikes and safety issues. The South Korean Kospi index closed 0.2 percent lower at 2,399.49, and the nation remains in political turmoil as investigations into President Yoon Suk Yeol’s controversial martial law decree continue.

In the US, the S&P 500 fell 1.1 percent on Friday but is still on track for a 25 percent gain in 2024, driven by strong economic data, consumer spending, and easing inflation. The Dow Jones Industrial Average lost 0.8 percent, and the Nasdaq composite dropped 1.5 percent, with sharp declines from major tech stocks contributing to the losses.

Oil prices also saw declines on Monday, with US benchmark crude falling 31 cents to $70.29 per barrel, while Brent crude lost 32 cents, settling at $73.47 per barrel.

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