Indonesia's Composite Stock Price Index (IHSG) Strengthens Amidst BI's Interest Rate Hike (Wednesday, April 24, 2024)
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The Jakarta Composite Index (IHSG) strengthened by 63.72 points or 0.90% to 7,174.53 at the close of trading on Wednesday (24/4/2024).
This strengthening occurred amidst Bank Indonesia's (BI) decision to raise its benchmark interest rate by 25 basis points to 6.25%, the highest since 2016.
“This interest rate hike aims to strengthen the stability of the Rupiah exchange rate from the impact of worsening global risks,” wrote Phintraco Sekuritas in its study, as reported by *Katadata*, Wednesday (24/4/2024).
(Read also: [Strengthening Rupiah, BI Raises Benchmark Interest Rate to 6.25% in April 2024](https://databoks.katadata.co.id/datapublish/2024/04/24/perkuat-rupiah-bi-naikkan-suku-bunga-acuan-jadi-625-per-april-2024))
Based on the IDX-IC Sectoral Index, six sectors increased today. The technology sector led with a 2.36% increase, followed by the health and infrastructure sectors, which rose by 0.88% and 0.82%, respectively.
Meanwhile, five other sectors were corrected. The industrial sector fell the most at 0.65%, followed by the property and energy sectors, which were down 0.28% and 0.27%, respectively.
According to RTI Business data, the frequency of stock trading on the domestic exchange today was 972,920 transactions.
A total of 21.93 billion shares changed hands with a transaction value of approximately Rp 14.40 trillion.
304 stocks closed lower today, 255 stocks strengthened, and 220 stocks were stagnant.
Today's *top gainers* were KOKA, which soared 34.62%, followed by MHKI and ATLA, which rose 13.69% and 12.12%, respectively.
Meanwhile, the stock with the code VISI was today's *top loser* after plunging 9.60%, followed by PTMP and PYFA, which fell 7.28% and 6.36%, respectively.
All Asian stock exchanges this afternoon closed in the green. The Nikkei index rose 2.42% to 38,460.10, the Hang Seng index rose 2.21% to 17,201.26, the Shanghai index rose 0.76% to 3,044.82, and the Strait Times index rose 0.62% to 3,293.12.
"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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