Indonesia's Stock Exchange (IHSG) Plunges 2%, Impact of Silicon Valley Bank Collapse? (Tuesday, March 14, 2023)
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The Jakarta Composite Index (JCI) fell 145.14 points, or 2.14%, to close at 6,641.814 on Tuesday, March 14, 2023.
Today's contraction in the stock index followed the weakening of Asian and global stock markets. This was partly due to the bankruptcy of Silicon Valley Bank.
"The collapse of Silicon Valley Bank (SVB) remains a market concern, prompting investors to exercise caution amid fears of systemic financial risks," said the research team at Pilarmas Investindo Sekuritas, as quoted by Antara on Tuesday (14/03/2023).
Previously, US President Joe Biden said his government acted swiftly to ensure that SVB depositors could access their funds.
On the other hand, according to the research team at Pilarmas Investindo Sekuritas, market speculation about the collapse of SVB suggests that the Fed will slow down interest rate hikes to reduce the potential for a wider financial and economic crisis. In addition, the market is also awaiting the US inflation data report, which will certainly be a consideration for the Fed regarding its benchmark interest rate.
Based on RTI Business data, regional Asian stock exchanges this afternoon included the Nikkei index, which weakened 611 points or 2.20% to 27,222; the Hang Seng index, which weakened 448.01 points or 2.27% to 19,247.9; the Shanghai index, which weakened 23.39 points or 0.72% to 3,245.3; and the Straits Times index, which weakened 2.62 points or 2.62 percent to 3,129.75.
The frequency of stock trading on the domestic exchange today was 1.31 million transactions.
A total of 19.49 billion shares changed hands, with a transaction value of Rp 11.52 trillion.
The stock with the code SRTG was the top loser, weakening by 6.98%. This was followed by BSML and MTWI, which contracted by 6.96% each.
Today's top gainers were MTSM, which strengthened by 25.88%, followed by CUAN and SDMU, which strengthened by 24.53% and 12.96%, respectively.
The majority of stocks closed lower today. Specifically, 479 stocks weakened, 146 stocks were stagnant, and 101 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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