Markets Shrug Off US Shutdown Worries, JCI Rises Early
Jakarta. The Jakarta Composite Index (JCI) opened higher on Tuesday, rising 14 points or 0.17 percent to 8,137, moving within the 8,113–8,150 range.
Market turnover reached Rp 2.3 trillion from 4.7 billion shares traded in 267,581 deals, with 254 stocks advancing, 236 declining, and 169 unchanged.
The Indonesia Stock Exchange (IDX) announced it is monitoring Unusual Market Activity (UMA) for three issuers: tile manufacturer Cahayaputra Asa Keramik (CAKK), holding company Lenox Pasifik Investama (LPPS), and specialty retailer Multitrend Indo (BABY).
Shares of LPPS surged 34.4 percent to Rp 168 on Monday, bringing its one-month gain to 93.1 percent. In contrast, BABY shares tumbled 7.8 percent over the past month.
“The announcement of Unusual Market Activity does not necessarily indicate a violation of capital market regulations,” IDX management said in a statement on Tuesday. “Investors are advised to pay attention to the companies’ responses to our requests for clarification, along with their performance and information disclosures.”
On Wall Street, US benchmarks ended higher overnight, with the S&P 500 adding 0.3 percent, the Dow Jones Industrial Average climbing 68 points or 0.1 percent, and the Nasdaq advancing 0.5 percent. All three indexes remain near record highs set last week.
Big Tech helped lead the rebound, with Amazon up 1.1 percent and Microsoft gaining 0.6 percent. Analysts noted that concerns over a potential US government shutdown could inject volatility into markets, especially if economic data releases are delayed.
If Congress fails to pass funding legislation by Tuesday night and President Donald Trump does not sign it, numerous federal offices nationwide will close temporarily, and nonexempt federal employees will be furloughed, straining both workers and the broader economy.
Trump has shown little inclination to entertain Democrats’ demands on health care, though he agreed to meet Monday with Schumer, Senate Majority Leader John Thune, House Speaker Mike Johnson, and House Democratic leader Hakeem Jeffries. The president has repeatedly signaled he expects a shutdown this week.
In overseas markets, European and Asian indexes mostly rose. London’s FTSE 100 added 0.2 percent as pharmaceutical giant GSK gained 2.2 percent following news that CEO Emma Walmsley will step down at year-end, to be succeeded by Chief Commercial Officer Luke Miels. Hong Kong’s Hang Seng index jumped 1.9 percent, while Tokyo’s Nikkei 225 slipped 0.7 percent.
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