IHSG Strengthens Ahead of The Macroeconomic Framework and 2024 Draft State Budget Release

JABAR EKSPRES – The Indonesia Stock Exchange (IDX) Composite Stock Price Index (IHSG) on Friday morning, strengthened ahead of the release of the macroeconomic framework and the main points of fiscal policy for the Draft State Budget (RAPBN) for Fiscal Year 2024.

IHSG opened up 25.65 points or 0.38 percent to 6,688.76. Meanwhile, the group of 45 leading stocks or the LQ45 Index rose 5.49 points or 0.59 percent to 934.65.

IHSG has the opportunity for limited strengthening today,” wrote the Lotus Andalan Sekuritas Research Team in its study in Jakarta, Friday (5/19).

Finance Minister Sri Mulyani will present the macroeconomic framework and main points of fiscal policy for the Draft State Budget for Fiscal Year 2024 at the House of Representatives (DPR) today at 09:30 WIB,

The macroeconomic framework will be a guideline for the last state budget of President Joko Widodo’s administration.

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Meanwhile, the United States (US) stock market closed higher on Thursday (5/18), amid growing optimism that a US debt ceiling deal could be reached within days.

President Joe Biden and McCarthy reiterated their goal to quickly reach an agreement to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as possible.

From Europe, the pan-European STOXX 600 Index closed up 0.39 percent, with investors watching the risks of further monetary policy tightening by the European Central Bank (ECB) and an American recession.

The ECB must continue to raise interest rates to return inflation to its 2 percent target. Markets anticipate the ECB’s 3.25 percent deposit rate to rise to just below 3.75 percent over the coming months, but some policymakers say this may not be enough.

Asian regional stock markets on Friday morning, including the Nikkei index gained 254.90 points or 0.83 percent to 30,828.80, the Hang Seng index weakened 272.30 points or 1.38 percent to 19,454.94, the Shanghai index weakened 23.96 points or 0.73 percent to 3,273.36, and the Straits Times index gained 22.05 points or 0.69 percent to 3,204.60.

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