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Indonesia's IDX Closes Higher Amidst Concerns of a Still-Hawkish Fed (Wednesday, March 8, 2023)

Cindy Mutia Annur 08/03/2023 19:27 WIB

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The Jakarta Composite Index (JCI) strengthened to 6,776.37 at the close of trading on Wednesday, March 8, 2023. The index rose despite concerns that the Fed remains hawkish.

Composite Stock Price Index (IHSG) February 8 – March 8, 2023

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Indonesia's IDX Closes Higher Amidst Concerns of a Still-Hawkish Fed (Wednesday, March 8, 2023)

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Composite Stock Price Index (IHSG) February 8 – March 8, 2023

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The Jakarta Composite Index (JCI) strengthened by 96.12 points or 0.14% to 6,776.37 at the close of trading on Wednesday, March 8, 2023. The index increase occurred amid concerns that the Federal Reserve (The Fed) will still raise its benchmark interest rates (hawkish).

"Influencing factors include global factors such as the potential for continued Fed interest rate hikes, which can indirectly have a positive impact on banking," said Jono Syafei, Analyst at Henan Putihrai Sekuritas, as quoted by Antara, Wednesday (8/3/2023).

Furthermore, according to Jono, the JCI increase was influenced by large bank stocks or big cap banks that experienced gains in today's trading.

Meanwhile, Fed Chairman Jerome Powell indicated raising the benchmark interest rate faster and higher than previously anticipated. This speech confirmed several statements from other officials of the United States (US) central bank.

Domestically, Jono continued, the index increase occurred because Bank Indonesia (BI) reported that Indonesia's foreign exchange reserves in February 2023 increased to US$140.3 billion, higher than the previous period's US$139.4 billion.

Based on data from the Indonesia Stock Exchange (IDX), today's trading frequency was 1.09 million.

A total of 15.76 billion shares changed hands, with transaction value reaching Rp9.2 trillion.

The issuer with the code SAGE became the top gainer with a strengthening of 35%. Followed by TRON and CUAN, which strengthened by 31.11% and 24.55% respectively.

Meanwhile, today's top losers were RCCC, which contracted by 9.92%, followed by IBOS and ISAP, which weakened by 9.24% and 8.7% respectively.

Although the stock index strengthened, the majority of stocks closed lower today. The details are 386 stocks weakened, 299 stocks stagnated, and 169 stocks strengthened.

Editor : Erlina Fury Santika

"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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Indonesia's IDX Closes Higher Amidst Concerns of a Still-Hawkish Fed (Wednesday, March 8, 2023)

Indonesia's IDX Closes Higher Amidst Concerns of a Still-Hawkish Fed (Wednesday, March 8, 2023)

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