JCI Experiences Weakening, IDX Explains The Cause

IDX (Photo: Antara)

LABUAN BAJO The Composite Stock Price Index (JCI) has shown a weakening trend over the past week, with a decrease of 1.85 percent according to RTI data.

President Director of the Indonesia Stock Exchange (IDX), Iman Rachman, explained that the JCI movement was influenced by various factors, including domestic and global economic conditions. He highlighted that the geopolitical situation in the Middle East and the implementation of elections in the United States also played an important role in the movement of the index.

"In addition, the condition of market companies also affects," said Iman at the Capital Market Journalist Workshop, on Thursday, October 31.

Iman added that investors are currently waiting for concrete steps from President Prabowo Subianto and the Red and White Cabinet within 100 working days of the new government to encourage economic growth.

Meanwhile, the JCI is expected to move in a limited range until the end of 2024, with a closing target of between 7,700 and 7,800 in December.

Previously, Head Customer Literation and Education Kiwoom Sekuritas Indonesia, Oktavianus Audi said the market was still influenced by the release of issuers' performance in the third quarter of 2024, where several companies showed performance under market expectations, thus encouraging price weakness.

"In addition, strengthening the price of gold amid expectations of cutting the interest rate after the release of the weakening United States (US) labor data has made investors shift to safe havens assets," said Audi some time ago.