Indonesia's Composite Stock Price Index (IHSG) Weakens Following Decline in Global Coal Prices (Tuesday, January 24, 2023)
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The Jakarta Composite Index (IHSG) fell 14.07 points, or 0.2%, to close at 6,860.85 on Tuesday, January 24, 2023.
This decline in the stock index occurred in line with the decrease in global coal commodity prices.
"The IHSG is indeed under pressure from coal stocks, following the recent decline in coal prices," said Jono Syafei, Equity Research Analyst at Henan Putihrai Sekuritas, as quoted by Antara, Tuesday (24/1/2023).
Benchmark coal prices on the ICE Newcastle Coal Futures Australia corrected to US$290 per ton on Monday (23/1/2023), having fallen more than 12% in four trading days.
According to Jono, the decline in coal prices was triggered by several factors, including decreasing demand amid increased production, China's economic slowdown, falling gas prices, and the easing of winter in Europe.
Based on the Indonesia Stock Exchange (IDX) report, the frequency of stock trading on the exchange today was 1.02 million transactions.
A total of 21.85 billion shares changed hands, with a transaction value of Rp7.94 trillion.
The issuer with the code CASH became the top loser after weakening by 10%. This was followed by issuers FILM and OKAS, which contracted by 6.99% and 6.96%, respectively.
Meanwhile, today's top gainers were PEVE, which strengthened by 34.23%, followed by PICO and INTD, which strengthened by 25% and 22.98%, respectively.
Although the stock index weakened, the majority of stocks closed stagnant today. The details are 293 stagnant stocks, 286 weakening stocks, and 258 strengthening stocks.
"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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