Indonesia's Composite Stock Price Index (IHSG) Closed Lower Amidst Rising Foreign Exchange Reserves (Tuesday, March 7, 2023)
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The Jakarta Composite Index (IHSG) fell 40.24 points, or 0.59%, to close at 6,766.758 on Tuesday, March 7, 2023. The index weakened amid reports of an increase in domestic foreign exchange reserves in February 2022.
"The IHSG movement was sluggish amid reports of an increase in domestic foreign exchange reserves for the month of February, supported by tax revenue and government foreign debt withdrawals," said the Pilarmas Investindo Sekuritas Research Team, as quoted by Antara, Tuesday (7/3/2023).
Bank Indonesia (BI) reported that foreign exchange reserves in February 2023 reached US$140.3 billion, an increase from US$139.4 billion at the end of January 2023.
These reserves are equivalent to six months of import financing and government foreign debt payments, and exceed the international adequacy standard of around three months of imports.
According to BI, Indonesia's foreign exchange reserves remain adequate, supported by maintained economic stability and prospects. This is in line with various policy responses in maintaining macroeconomic and financial system stability to support the national economic recovery process.
Based on reports from the Indonesia Stock Exchange (IDX), the frequency of stock trading on the domestic exchange today was 1.11 million transactions.
A total of 15.19 billion shares changed hands, with a transaction value of Rp 9.09 trillion.
SOUL was the top loser, weakening by 9.09%. This was followed by KONI and SOSS, which contracted by 6.99% and 6.98%, respectively.
Today's top gainers were OMRE, which strengthened by 24.37%, followed by MTWI and UANG, which strengthened by 23.86% and 17.77%, respectively.
The majority of stocks closed lower today. Specifically, 382 stocks weakened, 299 stocks were stagnant, and 170 stocks strengthened.
"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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