Jakarta Composite Index Maintains Upward Momentum Ahead of Fed Decision

The Jakarta Composite Index (JCI) continued its positive trajectory, ending Friday's session at 7,812.13, a gain of 13.98 points or 0.18%. The index has now tracked higher for two consecutive sessions, positioning itself just above the 7,810-point threshold. Market activity occurred amidst a backdrop of global uncertainty and a domestic holiday for the Prophet Muhammad's birthday. Traders are largely adopting a wait-and-see approach, mirroring the mixed performance seen on Wall Street as the market anticipates the Federal Reserve's interest rate decision later this week. Performance across sectors was varied. Notable gainers included Bank Rakyat Indonesia, which rallied 2.42%, and Bumi Resources, which soared 2.06%. Astra International also climbed 1.00%. Conversely, several financial institutions saw declines, with Bank CIMB Niaga and Bank Maybank Indonesia dropping 0.77% and 0.85%, respectively. Global sentiment is currently tethered to the Fed, with the CME FedWatch Tool indicating a 65% probability of a 50-basis-point rate cut. Additionally, WTI crude oil futures rose to $70.09 per barrel, providing a tailwind for resource-linked equities. Domestic focus now shifts to August trade data, with exports projected to rise 3.83% year-on-year and imports expected to increase by 8.15%.