Market Pays Attention to US Annual Inflation, IHSG Predicted to Be Varying

Market Pays Attention to US Annual Inflation, IHSG Predicted to Be Varying

REPUBLIKA.CO.ID, JAKARTA — The Composite Stock Price Index (IHSG) of the Indonesia Stock Exchange (BEI) on Tuesday (13/2/2024) is expected to move in variations as market players pay close attention to inflation releases throughout 2023 in the United States (US).

JCI opened up 3.92 points or 0.05 percent to 7,301.59. Meanwhile, the group of 45 leading stocks or the LQ45 Index rose 0.86 points or 0.09 percent to 996.03.

“Today’s JCI is predicted to move mixed and gain limited strength in the range of 7,240 to 7,325,” said Ajaib Sekuritas Financial Expert Ratih Mustikoningsih in Jakarta.

From abroad, market players are paying close attention to the release of US annual inflation on Tuesday (13/2) US time, which has the potential to experience a slowdown, so that market players have responded positively as reflected in the strengthening of risky portfolio assets.

From Asia, China reported that the money supply in broad terms (M2) for the January 2024 period grew 8.7 percent year on year (yoy), or lower than the previous month’s growth of 9.7 percent (yoy). In the same period, credit distribution grew 10.4 percent (yoy), or down from the appreciation in December 2023 of 10.6 percent (yoy).

Domestically, the Indonesian Motorcycle Industry Association (AISI) reported that national motorbike sales in January 2024 were recorded at 592.7 thousand units or corrected by 3.7 percent (yoy). Even though it was corrected, this growth improved from December 2023 which contracted 11.6 percent (yoy), where on a monthly basis, motorbike sales in January 2024 grew 38.7 percent month to month (mtm).

Meanwhile, the release of consumer indices, namely the Consumer Confidence Index (IKK) and retail sales have the potential to remain solid, as well as being a positive catalyst for the JCI.

Meanwhile, the United States (US) stock exchange closed mixed with one of Wall Street’s leading indexes managing to record an all-time high. The Dow Jones Industrial Average set a new record, rising 125.69 points or 0.33 percent to 38,797.38, the S&P 500 weakened 0.09 percent to 5,021.84, and the Nasdaq Composite slid 0.3 percent to 15,942.55.

Asian regional stock exchanges this morning included the Nikkei index strengthening 760.00 points or 2.06 percent to 37,657.39, and the Straits Times index strengthening 4.49 points or 0.14 percent to 3,142.79.

Meanwhile, the Hang Seng index (Hong Kong) and the Shanghai index (China) are still on holiday to commemorate the 2575 Kongzili Chinese New Year.

source: ANTARA


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