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Indonesia's Stock Exchange (IHSG) Closes Lower Amidst US Banking Crisis Concerns (Tuesday, May 2, 2023)

Cindy Mutia Annur 02/05/2023 18:38 WIB

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The Jakarta Composite Index (JCI) weakened to 6,863.30 at the close of trading on Tuesday, May 2, 2023.

Composite Stock Price Index (JCI) April 2 – May 2, 2023

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Indonesia's Stock Exchange (IHSG) Closes Lower Amidst US Banking Crisis Concerns (Tuesday, May 2, 2023)

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Composite Stock Price Index (JCI) April 2 – May 2, 2023

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The Jakarta Composite Index (IHSG) fell 52.41 points, or 0.76%, to close at 6,863.30 on Tuesday, May 2, 2023.

"Negative market sentiment today was triggered by increased market risk regarding the resurgence of the US banking crisis," said Nicodimus Kristiantoro, Research & Consulting Manager at Infovesta Utama, as quoted by Antara news agency on Tuesday (2/5/2023).

"This time, First Republic Bank is the latest US bank potentially facing collapse, prompting JP Morgan to acquire the bank to prevent the effects from spreading further to the banking system," he continued.

Nicodimus also predicted that market players are still awaiting the results of the US central bank's (The Fed) committee meeting, which will be released on Thursday early morning Indonesian time (4/5/2023).

Meanwhile, domestically, the Central Bureau of Statistics (BPS) reported today that annual inflation was at 4.33% (year-on-year/yoy) in April 2023. This is lower than the February 2023 inflation of 5.47% (yoy) and March 2023's 4.97% (yoy).

Based on RTI Business data, the frequency of stock trading on the domestic exchange today was 1.4 million transactions.

A total of 15.37 billion shares changed hands, with a transaction value of Rp10.29 trillion.

INTP was the top loser, weakening by 6.91%, followed by TBIG and COAL, which contracted by 6.8% and 6.79%, respectively.

Today's top gainers were DYAN, which strengthened by 34.78%, followed by AMAN and OBMD, which strengthened by 24.32% and 18.24%, respectively.

The majority of stocks closed lower today. Specifically, 368 stocks weakened, 187 stocks strengthened, and 177 stocks were stagnant.

Editor : Adi Ahdiat

"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."