JCI Rises Slightly as Markets Await Fed Rate Cut Signals
Jakarta. The Jakarta Composite Index (JCI) opened slightly higher on Wednesday, adding 6.72 points, or 0.08 percent, to 7,964.42 in the first trading session. The benchmark index traded between 7,956 and 7,974 in early moves.
RTI data showed 787.78 million shares changed hands in the opening minutes, with a transaction value of Rp 601.4 billion across 58,865 deals. A total of 267 stocks gained, 119 declined, and 204 were flat.
Among the top gainers, five stocks surged into double digits, with some hitting the upper trading limit. Shares of construction company Koka Indonesia (KOKA) soared 34.31 percent to the auto-rejection cap. Tanah Laut (INDX), in logistics and industry, jumped 27.06 percent, followed by Sinergi Multi Lestarindo (SMLE), a chemicals supplier for food and consumer goods, which climbed 21.05 percent. Tobacco manufacturer Indonesian Tobacco (ITIC) rose 15.79 percent, while mining company Mineral Sumberdaya Mandiri (AKSI) advanced 15 percent.
Global sentiment remained cautious as US stocks edged back from record highs ahead of the Federal Reserve’s widely expected rate cut. The S&P 500 and Nasdaq each slipped 0.1 percent, while the Dow fell 0.3 percent. Traders are watching Fed Chair Jerome Powell’s remarks for signals on the pace of future cuts.
Elsewhere, European indexes weakened after a mixed day in Asia. Japan’s Nikkei 225 bucked the trend, rising 0.3 percent to another record despite political uncertainty following Prime Minister Shigeru Ishiba’s resignation ahead of the Oct. 4 Liberal Democratic Party leadership election.
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