Indonesia's Composite Stock Price Index (IHSG) Strengthens Amidst Resurgent Market Optimism (Tuesday, March 21, 2023)

The Jakarta Composite Index (JCI) strengthened by 79.12 points or 1.2% to 6,691.61 at the close of trading on Tuesday, March 21, 2023.

The index strengthening occurred in line with the return of market optimism towards the financial sector.

"The JCI and Asian indices rose in tandem, following the return of optimism on the US financial sector, and market players are awaiting the results of the Fed's FOMC meeting in the early hours of Thursday, Indonesian time," said Analyst Jono Syafei of Henan Putihrai Sekuritas, as quoted by Antara, Tuesday (21/3/2023).

According to Jono, market players are awaiting the results of the Federal Open Market Committee (FOMC) meeting, which is expected to hold back the pace of its benchmark interest rate hike.

Furthermore, according to Jono, today's strengthening of the JCI was influenced by positive sentiment from UBS, a large Swiss bank that agreed to buy Credit Suisse for US$3.2 billion or Rp49 trillion (Rp15,340 per USD), which will see Credit Suisse shareholders receive 1 UBS share for every 22.48 Credit Suisse shares they own.

Based on data from the Indonesia Stock Exchange (IDX), the frequency of domestic stock trading today reached 1.15 million transactions.

A total of 17.04 billion shares changed hands, with a total transaction value of Rp7.93 trillion.

The issuer with the code COAL was the top gainer, strengthening by 34.38%. This was followed by MTSM and WMPP, which strengthened by 17.95% and 15.69%, respectively.

Today's top loser was CASH, which contracted by 8.57%, followed by CITY and ZATA, which weakened by 6.96% and 6.94%, respectively.

The majority of stocks closed higher today. Specifically, 348 stocks rose, 300 stocks were stagnant, and 207 stocks fell.