Fed Holds Interest Rates Steady, Indonesia's IHSG Rises (Thursday, June 15, 2023)
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The Jakarta Composite Index (JCI) strengthened by 14.07 points or 0.21% to 6,713.80 at the close of trading on Thursday (15/6/2023).
The index's strengthening today is in line with the optimism of market players, following The Federal Reserve (The Fed) holding its benchmark interest rate at 5%-5.25% in June 2023.
"The JCI movement is influenced by global optimism after the United States (US) central bank held the benchmark interest rate, because inflation has been easing," said Jono Syafei, Analyst at Henan Putihrai Sekuritas, as quoted by Antara, Thursday (15/6/2023).
The Fed maintained its benchmark interest rate at that level after 10 consecutive increases since March 2022.
On the other hand, The Fed also hinted at raising the Fed Fund Rate (FFR) twice more in the future. This is based on the Fed's median projection which estimates the interest rate to be in the range of 5.5%-5.75% in 2023.
Based on RTI Business data, the frequency of stock trading on the domestic exchange today was 1.33 million transactions.
A total of 19.03 billion shares changed hands, with transaction value reaching Rp8.59 trillion.
PTMP-coded issuer became the top gainer after strengthening by 15.79%, followed by issuers BNBA and NZIA which strengthened by 14.77% and 14.14% respectively.
Meanwhile, today's top loser was SAGE, which weakened by 15%, followed by LAJU and HOMI which contracted by 14.69% and 14.65% respectively.
Although the index closed stronger, the majority of stocks closed weaker today. The details are 281 stocks weakened, 241 stocks strengthened, and 217 stocks were stagnant.
Most regional Asian stock exchanges also closed stronger this afternoon. Here's the movement of Asian exchanges this afternoon:
* Nikkei Index weakened by 16.89 points or 0.05% to 33,485.5
* Hang Seng Index strengthened by 420.5 points or 2.17% to 19,828.92
* Shanghai Index strengthened by 23.99 points or 0.74% to 3,252.98
* Strait Times Index strengthened by 24.71 points or 0.77% to 3,242.85
"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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