Indonesia's IDX Closed Lower Amidst Optimism Over the Fed's "Dovish" Stance (Friday, March 3, 2023)
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The Jakarta Composite Index (JCI) closed down 43.77 points, or 0.64%, to 6,813.636 on Friday, March 3, 2023. The index weakened amid optimism surrounding a dovish stance from the Federal Reserve (The Fed).
"Today's JCI closed weaker despite positive global market movements in line with the dovish tone from the Atlanta Fed. Technically, the JCI's movement is still in line with our expectations. The strengthening of the JCI is relatively limited and susceptible to correction," said MNC Securities analyst Herditya Wicaksana, as quoted by Antara, Friday (3/3/2023).
Sentimentally, according to Herditya, the Financial Services Authority (OJK) announced a capital market relaxation that ends on March 31, 2023, and will return to normal on April 1, 2023.
Furthermore, he continued, market players are still awaiting several financial releases from various companies.
Based on the Indonesia Stock Exchange (IDX) report, the frequency of stock trading on the domestic exchange today was 1.13 million transactions.
A total of 14.56 billion shares changed hands, with a transaction value reaching Rp 9 trillion.
ZONE, with code ZONE, was the top loser after weakening by 7%. This was followed by JECC and WSKT, which contracted by 6.98% and 6.9%, respectively.
Meanwhile, today's top gainers were MKTR, which strengthened by 27.04%, followed by TRIS and PTIS, which strengthened by 24.3% and 21.53%, respectively.
Although the stock index weakened, the majority of stocks closed stagnant today. The breakdown is 322 stagnant stocks, 304 weakening stocks, and 224 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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