Indonesia's IDX (IHSG) Closes Higher Supported by Domestic Inflation Decline (Wednesday, February 1, 2023)
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The Jakarta Composite Index (JCI) strengthened by 22.91 points or 0.34% to 6,862.258 at the close of trading on Wednesday, February 1, 2023. This increase in the stock index was supported by a decrease in the domestic annual inflation rate last month.
"Today's JCI received positive sentiment from domestic economic data, where the manufacturing PMI showed an increase for three consecutive months, and there was also the latest inflation data this afternoon showing that Indonesian inflation has eased to 5.28% yoy and 0.34% mtm, better than market expectations," said Equity Research Analyst Henan Putihrai Jono Syafei, as quoted by Antara, Wednesday (1/2/2023).
The Central Bureau of Statistics (BPS) reported that the Consumer Price Index (CPI) inflation decreased year-on-year to 5.28% (year-on-year/yoy) in January 2023, down from 5.51% yoy in December 2022.
On the other hand, according to Jono, the market is still awaiting the Federal Reserve's meeting in the Federal Open Market Committee (FOMC) in the early hours of Thursday (2/1). In this meeting, the consensus expects the United States (US) central bank to raise the Fed Fund Rate by 25 basis points.
Based on data from the Indonesia Stock Exchange (IDX), the frequency of today's stock trading was 1.23 million transactions.
A total of 17.86 billion shares changed hands, with a transaction value of Rp 11.1 trillion.
The issuer with the code FWCT was the top gainer, strengthening by 34.75%. This was followed by FMII and SSIA, which strengthened by 25% and 22.07%, respectively.
Today's top losers included MGLV, which contracted by 9.86%, followed by TECH and BESS, which weakened by 6.96% and 6.93%, respectively.
Although the stock index strengthened, the majority of stocks closed stagnant today. The details are 317 stagnant stocks, 293 strengthening stocks, and 229 weakening 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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