DIGIVESTASI - Throughout August 2024, the performance of the Composite Stock Price Index (JCI) showed extraordinary performance, even managing to set new records several times in just a month. During this period, the JCI recorded an all-time high (ATH) 14 times.

The first record occurred on August 13, 2024, when the JCI reached 7,356.64. A day later, JCI again set a new record at 7,436.04. At the end of August, JCI successfully closed the month with a record at 7,670.73. Despite touching the psychological level of 7,700 on Thursday, August 29, the JCI failed to maintain its position and reversed direction at the close of trading that day.

Overall, throughout August 2024, the JCI experienced a significant increase of 5.72% on a point-to-point (ptp) basis.

In August 2024, when the Jakarta Composite Index (JCI) set multiple records, several stocks recorded significant jumps, even up to hundreds of percent. Interestingly, among the stocks that jumped sharply, there were some that had previously been below the price of Rp 10 per share.

Two stocks that stole the show were PT Intan Baru Prana Tbk (IBFN) and PT Pelayaran Tamarin Samudra Tbk (TAMU). At the end of July 2024, IBFN shares were trading at Rp 8 per share, while TAMU was at Rp 9 per share. However, at the end of August 2024, both stocks jumped sharply with IBFN reaching Rp 36 per share and TAMU reaching Rp 35 per share, registering an increase of hundreds of percent.

The strengthening of the Jakarta Composite Index (JCI) during August 2024 was driven by a series of positive Indonesian economic data. In early August, Indonesia's recorded inflation for the period of July 2024 declined to 2.13% from 2.51% in the previous month.

In addition, Indonesia's economy grew by 5.05% (year-on-year/yoy) in Q2-2024, supported by low and manageable inflation. This growth rate was also higher than several other countries such as China (4.7%), Singapore (2.9%), South Korea (2.3%), and Mexico (2.24%).

Indonesia's trade balance also recorded a surplus of US$0.47 billion in July 2024, with a non-oil and gas surplus of US$2.61 billion and an oil and gas deficit of US$2.13 billion. Export value reached US$22.21 billion, up 6.55% compared to the previous month and 6.46% compared to July 2023. Meanwhile, imports reached US$21.74 billion, an increase of 17.82% compared to June 2024 and 11.07% compared to July 2023.

In terms of monetary policy, Bank Indonesia (BI) decided to maintain the benchmark interest rate at 6.25% at the Board of Governors' Meeting (RDG) on August 20-21, 2024, with the deposit facility rate remaining at 5.5% and the lending facility at 7%.

Overall, positive economic conditions during July 2024 played a major role in driving the JCI's strength throughout August 2024.

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