Indonesia's Stock Exchange (IHSG) Strengthens Amidst US Banking Sector Turmoil (Friday, March 17, 2023)
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The Jakarta Composite Index (IHSG) strengthened by 112.5 points or 1.71% to 6,678.24 at the close of trading on Friday, March 17, 2023.
This strengthening occurred amidst the ongoing turmoil in the United States (US) banking sector, triggered by the bankruptcy of Silicon Valley Bank (SVB).
SVB was declared bankrupt last Friday (March 10, 2023). This surprised many, as SVB was one of the banks with a large asset value and a banking partner for many technology and healthcare issuers in the US.
Despite its large reputation, on Thursday (March 9, 2023), SVB investors made massive withdrawals, causing SVB's cash to "dry up" and unable to meet its obligations when due.
SVB's downfall spread to other financial institutions in the US, including First Republic Bank. Currently, 11 large banks in the US are reportedly undertaking a rescue operation for First Republic Bank by making deposits worth USD 30 billion or Rp 462 trillion (Rp 15,400 per USD).
These "rescuers" are Bank of America, Wells Fargo, Citigroup, and JPMorgan Chase, each reportedly contributing around USD 5 billion.
Then Goldman Sachs and Morgan Stanley will contribute around USD 2.5 billion, followed by Truist, PNC, U.S. Bancorp, State Street, and Bank of New York Mellon, each contributing USD 1 billion.
"Market players are still closely monitoring developments regarding banking in the United States," said MNC Securities Analyst Herditya Wicaksana, as quoted by Antara, Friday (March 17, 2023).
Based on data from the Indonesia Stock Exchange (IDX), the frequency of domestic stock trading today reached 1.36 million transactions.
A total of 50.26 billion shares changed hands, with a total transaction value of Rp 19.61 trillion.
The issuer with the code MTSM became the top gainer with a strengthening of 34.41%. Followed by HALO and BPTR which strengthened by 32.53% and 32.5% respectively.
Today's top loser was IBOS, which contracted by 9.91%, followed by CHIP and TRIN, which weakened by 7.32% and 6.99% respectively.
The majority of stocks today closed higher. The details are 384 stocks strengthened, 293 stocks stagnated, and 178 stocks weakened.
"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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