Indonesia's Composite Stock Price Index (IHSG) Weakens Amidst BI Holding Steady on Interest Rate Hikes and Credit Suisse Concerns (Thursday, March 16, 2023)
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The Jakarta Composite Index (IHSG) fell 62.4 points, or 0.94%, to close at 6,565.728 on Thursday, March 16, 2023.
This weakening was due to Bank Indonesia (BI) again holding its benchmark interest rate at 5.75% and market anxieties surrounding the Swiss investment bank, Credit Suisse.
In today's Board of Governors Meeting (RDG), BI decided to maintain the BI-7 Day Reserve Repo Rate (BI7DRR) benchmark interest rate at 5.75% to maintain rupiah stability and remains optimistic that economic growth this year will be at the upper end of the estimated 4.5% to 5.3%.
Furthermore, according to the research team at Pilarmas Investindo Sekuritas, the market is again under pressure due to anxieties following the emergence of new problems in the banking sector, namely Credit Suisse. The global investment banking giant has identified material weaknesses related to its financial statements, raising new doubts about Credit Suisse's capabilities and fueling concerns about its funding situation.
This led the Swiss central bank to announce liquidity support for Credit Suisse. "The market is certainly anxious about the situation, and the prominent name of Credit Suisse, a global financial institution, will exacerbate concerns about the stability of the global financial system," wrote Pilarmas, as quoted by Katadata.co.id, Thursday (16/3/2023).
Today's weakening of the stock index also followed the weakening of Asian and global stock exchanges. According to RTI Business, the condition of regional Asian stock exchanges this afternoon includes the Nikkei index weakening 218.90 points or 0.80% to 27,010.6, the Hang Seng index weakening 335.95 points or 1.72% to 19,203.9, the Shanghai index weakening 36.42 points or 1.12% to 3,226.8, and the Straits Times index weakening 17.38 points or 0.55% to 3,155.54.
Based on data from the Indonesia Stock Exchange (BEI), the frequency of stock trading on the domestic exchange today was 1.36 million transactions.
A total of 16.25 billion shares changed hands, with a transaction value of Rp 10.32 trillion.
The issuer with the code RCCC was the top loser after weakening by 9.43%. This was followed by the IBOS issuer, which contracted by 9.4%.
Meanwhile, today's top gainer was HALO, which strengthened by 34.96%, followed by DWGL, which strengthened by 34.78%.
The majority of stocks traded today closed lower. The breakdown is 493 stocks weakened, 260 stocks stagnated, and 102 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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