Indonesia's IDX Closes Higher Amidst Weakness in Asian and Global Markets (Thursday, March 2, 2023)

The Jakarta Composite Index (JCI) strengthened by 12.47 points or 0.18% to 6,857.415 at the close of trading on Thursday, March 2, 2023. The index increase occurred amidst weakening Asian and global stock markets.

According to Jono Syafei, Analyst at Henan Putihrai Sekuritas, today's JCI movement was also influenced by optimism from the latest economic data, such as that from Indonesia and China, as well as the weakening US dollar.

“(The increase) in the index was also driven by the strengthening of coal stocks following the increase in the coal price benchmark," said Jono Syafei, Analyst at Henan Putihrai Sekuritas, as quoted by Antara, Thursday (2/3/2023).

Meanwhile, the Central Bureau of Statistics (BPS) recently reported that domestic inflation in February 2023 was at 0.16% (month-to-month/mtm), down from 0.34% mtm in January 2023. Core inflation fell to 3.09% (year-on-year/yoy), compared to 3.27% yoy the previous month.

From abroad, according to Jono, South Korea's trade balance recorded a deficit of US$5.3 billion in February 2023, marking 11 consecutive months of trade deficit for the country, due to exports falling 7.5% yoy in February 2023 and imports growing 3.6% yoy.

In addition, Australia's gross domestic product (GDP) was recorded at 0.5% (quarter-to-quarter/qtq) in Q4 2022, down from 0.7% qtq in the previous period.

Based on data from the Indonesia Stock Exchange (IDX), today's trading frequency was 1.07 million.

A total of 15.13 billion shares changed hands, with a transaction value of Rp 8.35 trillion.

The issuer with the code JECC was the top gainer, strengthening by 24.8%. This was followed by PTIS and FMII, which strengthened by 21.01% and 20.79% respectively.

Today's top losers were KRYA, which contracted by 6.98%, followed by MKPI and UFOE, which weakened by 6.94% respectively.

Although the stock index strengthened, the majority of stocks closed stagnant today. The breakdown is 315 stagnant stocks, 275 weakening stocks, and 259 strengthening stocks.