Indonesia's IDX Falls After Fed Raises Interest Rates (Thursday, July 27, 2023)

The Jakarta Composite Index (JCI) weakened by 51.62 points or 0.74% to 6,896.66 at the close of trading on Thursday (27/7/2023).

The weakening of the stock index today occurred after the Federal Reserve (The Fed) announced an increase in its benchmark interest rate.

On Wednesday (26/7/2023), the United States (US) central bank raised its benchmark interest rate by 25 basis points (bps) to a target range of 5.25%-5.5%.

"Meanwhile, domestically, today's JCI fluctuations appear to be influenced by selling pressure due to profit-taking, thus impacting the stock market," said the Pilarmas Investindo Sekuritas Research Team, as quoted by Bisnis.com, Thursday (27/7/2023).

Based on RTI Business data, the frequency of stock trading on the domestic exchange today was 1.29 million transactions.

A total of 18.44 billion shares changed hands, with a transaction value reaching Rp11.29 trillion.

Today's top loser was BEST, which weakened by 6.42%, followed by NICL and SIDO, which contracted by 5.47% and 5.11%, respectively.

Meanwhile, the stock with the code ERTX became the top gainer after strengthening by 24.82%, followed by AXIO and MPPA, which strengthened by 20.91% and 17.89%, respectively.

The majority of stocks closed lower today. Specifically, 326 stocks weakened, 215 stocks strengthened, and 204 stocks were stagnant.