IHSG Continues its Rally Amidst Federal Reserve's Rate Cut Signal

The Indonesian Composite Index (IHSG) resumed its upward trend in Thursday's trading session (7/3/2024), propelled by the statement from the United States Federal Reserve signaling a potential interest rate cut later this year.

Closing at a record high of 7,373.96, the IHSG strengthened by 0.6%. Despite this gain, the index still hovers around the psychological level of 7,300, failing to breach the 7,400 mark.

Total index transactions at the end of the trading day reached approximately Rp 11.98 trillion, involving 25.97 billion shares changing hands in 1.3 million transactions. Of these, 287 stocks appreciated, 233 depreciated, and 248 remained relatively stagnant.

Foreign investors notably engaged in net buying activities, with a net purchase of Rp 478.56 billion across all markets and Rp 515.61 billion in the regular market. However, they also recorded a net selling position of Rp 37.05 billion in the negotiation and cash markets.

Identifying the stocks sold by foreign investors that impacted the IHSG movement, according to RTI Business, here are the top net foreign sells in Thursday's trading:

PT Bank Mandiri (Persero) Tbk. (BMRI) - Rp 206.0 billion

PT Astra International Tbk. (ASII) - Rp 59.9 billion

PT United Tractors Tbk. (UNTR) - Rp 59.9 billion

PT GoTo Gojek Tokopedia Tbk. (GOTO) - Rp 46.7 billion

PT Telkom Indonesia (Persero) Tbk. (TLKM) - Rp 37.4 billion

PT Indofood CBP Sukses Makmur Tbk. (ICBP) - Rp 34.8 billion

PT Smartfren Telecom Tbk. (FREN) - Rp 24.1 billion

PT Indofood Sukses Makmur Tbk. (INDF) - Rp 22.9 billion

PT Merdeka Copper Gold Tbk. (MDKA) - Rp 21.1 billion

PT Adaro Energy Indonesia Tbk. (ADRO) - Rp 15.1 billion

The Indonesian stock market continues to react to both domestic and international factors, with investors closely monitoring developments in global economic policies and indicators. As the IHSG rides the wave of optimism spurred by the Federal Reserve's stance, market participants remain vigilant amid ongoing volatility.

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