Indonesia's Stock Exchange (IHSG) Weakens Amidst Rise in State Foreign Exchange Reserves (Monday, April 10, 2023)
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The Jakarta Composite Index (IHSG) closed down 21.53 points, or 0.32%, to 6,771.24 on Monday, April 10, 2023.
This decline occurred despite a rise in the country's foreign exchange reserves. Bank Indonesia (BI) reported today that foreign exchange reserves reached USD 145.2 billion in March 2023, up from USD 140.3 billion at the end of February 2023.
These reserves are equivalent to 6.4 months of import cover, or 6.2 months of import and government foreign debt payments, exceeding the international adequacy standard of around three months of import cover.
BI Executive Director for Communication, Erwin Haryono, stated that the increase in foreign exchange reserves was influenced by tax revenue and government foreign loan withdrawals.
According to RTI Business data, today's domestic stock exchange saw 1.27 million transactions.
A total of 18.21 billion shares changed hands, with a transaction value of Rp 7.47 trillion.
SAGE was the top loser, declining 6.99%, followed by GOTO and IRSX, which contracted by 6.93% and 6.92%, respectively.
Today's top gainers were PRAS, which strengthened by 34.75%, followed by PIPA and NASI, which strengthened by 34.29% and 34.21%, respectively.
The majority of stocks closed lower today. Specifically, 369 stocks weakened, 182 stocks were stagnant, and 179 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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