Indonesia's IDX Closes Higher Amidst Falling Domestic Inflation (Monday, June 5, 2023)
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The Jakarta Composite Index (JCI) closed up 0.17 points or 0.00% to 6,633.437 at the end of trading on Monday (June 5, 2023).
Today's index strengthening is in line with the decline in domestic Consumer Price Index (CPI) inflation for May 2023.
"Regarding today's sentiment, the positive domestic factor is the release of annual inflation, which has reached Bank Indonesia's (BI) upper limit of 4%, indicating that BI has more room to maintain its dovish policy stance, or even possibly a cut in the benchmark interest rate in Q4-2023," said Nicodimus Kristiantoro, Research & Consulting Manager of Infovesta Kapital Advisori, as quoted by Antara, Monday (June 5, 2023).
The Central Bureau of Statistics (BPS) reported that annual inflation for May 2023 fell to 4% year-on-year (yoy), with a Consumer Price Index (CPI) of 114.84.
Annual inflation has consistently declined for the past three months: 4.97% in March, 4.33% in April, and 4% in May 2023.
On the other hand, Nicodimus said that the limited market strengthening was due to sentiment from the domestic PMI manufacturing index, which unexpectedly fell to 50.3, or the lower limit of the expansion level; below 50 indicates contraction.
Based on RTI Business data, the JCI today moved in the range of 6,609.914 to 6,663.715.
Domestic stock trading frequency today reached 1.33 million transactions. A total of 23.86 billion shares changed hands, with a total transaction value of Rp 15.05 trillion.
AMAN, with the code AMAN, was the top gainer, strengthening by 16.67%. This was followed by NZIA and WIRG, which strengthened by 15.58% and 15.05%, respectively.
On the other hand, the top loser today was GOTO, which contracted by 14.97%, followed by SAGE and ELIT, which weakened by 14.88% and 14.86%, respectively.
The majority of stocks closed higher today. Specifically, 305 stocks rose, 237 stocks fell, and 209 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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