IMF Lowers Global Economic Growth Projection; Indonesian Stock Exchange Closes Lower (Wednesday, April 12, 2023)
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The Jakarta Composite Index (IHSG) fell 12.35 points, or 0.18%, to close at 6,798.96 on Wednesday, April 12, 2023.
This weakening occurred after the International Monetary Fund (IMF) released its April 2023 World Economic Outlook (WEO) report, projecting a slowdown in global economic growth from 3.4% in 2022 to 2.8% in 2023.
This projection is influenced by the monetary tightening policies adopted by central banks in various countries.
Meanwhile, according to the Research Team at Pilarmas Investindo Sekuritas, market participants and investors are exercising caution ahead of the release of the United States (US) inflation report, which could influence the Federal Reserve (The Fed)'s decision on benchmark interest rates.
"The IHSG and regional Asian exchanges weakened, influenced by the anticipation of the release of US inflation data, and the downward revision of global economic growth projections by the IMF," said the Pilarmas Investindo Sekuritas Research Team, as quoted by Antara, Wednesday (12/4/2023).
Based on RTI Business data, the frequency of stock trading on the domestic exchange today was 1.34 million transactions.
A total of 17.87 billion shares changed hands, with a transaction value of Rp 10.96 trillion.
The issuer with the code HAJJ was the top loser, weakening by 9.79%, followed by issuers ESSA and ITMG, which contracted by 6.99% and 6.97%, respectively.
Today's top gainers were PADA, which strengthened by 30.33%, followed by CHEM and HOMI, which strengthened by 14.78% and 12.75%, respectively.
The majority of stocks closed lower today. Specifically, 302 stocks weakened, 230 stocks strengthened, and 198 stocks were stagnant.
"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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