Indonesia's Stock Exchange (IHSG) Closes Lower Amidst Concerns Over Falling Foreign Exchange Reserves (Monday, May 8, 2023)
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The Jakarta Composite Index (IHSG) fell 18 points, or 0.27%, to close at 6,769.631 on Monday, May 8, 2023.
This weakening of the index followed Bank Indonesia (BI)'s report of a decline in foreign exchange reserves in April 2023.
"The decrease in Indonesia's foreign exchange reserve data is a negative domestic sentiment for the IHSG today," said Mirae Asset Sekuritas Indonesia analyst Muhammad Nafan Aji, as quoted by Antara on Monday (8/5/2023).
Bank Indonesia (BI) recorded Indonesia's foreign exchange reserves at the end of April 2023 at US$144.2 billion, down from US$145.2 billion at the end of March 2023.
According to BI, the decrease in foreign exchange reserves in April 2023 was influenced by the need for government foreign debt payments and foreign exchange liquidity needs in anticipation of National Religious Holidays.
The foreign exchange reserves are equivalent to 6.4 months of import financing or 6.3 months of import and government foreign debt payments, and are above the international adequacy standard of around three months of imports.
In addition to domestic factors, Nafan continued, there were external sentiments affecting the weakening of the IHSG, namely investors' anticipation of US inflation data, which will determine the future direction of US monetary policy.
Based on RTI Business data, the frequency of stock trading on the domestic exchange today was 1.52 million transactions.
A total of 23.92 billion shares changed hands, with a transaction value of Rp11.31 trillion.
The stock with the code CHIP was the top loser after weakening by 9.77%, followed by PACK and KING, which contracted by 8.72% and 7.91%, respectively.
Today's top gainers were TYRE, which strengthened by 34.78%, followed by IRSX and MTWI, which strengthened by 34.71% and 29.07%, respectively.
Although the index closed weaker, the majority of stocks closed higher today. Specifically, 304 stocks rose, 241 stocks fell, and 187 stocks were stagnant.
"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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