Indonesia's IDX Closes Higher Amidst Stable Economy (Friday, February 3, 2023)
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The Jakarta Composite Index (IHSG) strengthened by 21.16 points or 0.31% to 6,911.732 at the close of trading on Friday, February 3, 2023.
This stock index strengthening is in line with the relatively stable domestic economy.
"(The strengthening of the stock index) is more due to issuer performance and stable economic conditions, one factor being stable inflation," said Analyst William Surya Wijaya of Yugen Bertumbuh Sekuritas, as quoted by Antara, Friday (3/2/2023).
Indonesia's inflation fell to 5.28% year-on-year (yoy) in January 2023, down from 5.51% yoy in December 2022.
In addition, Indonesia's Manufacturing Purchasing Managers' Index (PMI) strengthened to 51.3 in January 2023, up 0.4 points from the previous level of 50.9 in December 2022.
Externally, according to William, the direction of the US Federal Reserve's (The Fed) policy has been tending dovish, with only a 25 basis point increase in The Fed's interest rate.
The Fed Chairman Jerome Powell acknowledged that inflation is beginning to ease, however, it is too early to declare victory over inflation.
Based on data from the Indonesia Stock Exchange (IDX), the frequency of stock trading today was 1.23 million transactions.
A total of 21.29 billion shares changed hands, with a transaction value of Rp 10.49 trillion.
Issuer DEWI was the top gainer, strengthening by 24.35%. This was followed by ALKA and OMRE, which strengthened by 21.05% and 19.87%, respectively.
Today's top losers included ISAP, which contracted by 9.46%, followed by MGLV and INPS, which weakened by 8.62% and 6.94%, respectively.
Although the stock index strengthened, the majority of stocks closed stagnant today. The breakdown is 318 stagnant stocks, 275 weakening stocks, and 246 strengthening stocks.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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