Indonesia's Composite Stock Price Index (IHSG) Closes in the Red Amidst Central Bank's Hold on Interest Rates (Thursday, September 21, 2023)
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The Jakarta Composite Index (JCI) closed down 20.21 points, or 0.29%, to 6,991.466 on Thursday (September 21, 2023).
This index weakening occurred as Bank Indonesia (BI) again held its benchmark interest rate at 5.75% in September 2023.
BI's policy is in line with the decision by the United States Federal Reserve (The Fed) to maintain its benchmark interest rate on Wednesday (September 20, 2023) local time. However, BI expects The Fed to still raise its interest rates.
"The Bank Indonesia Board of Governors meeting on September 20-21, 2023, decided to maintain the BI seven-day reverse repo rate at 5.75%," said Bank Indonesia Governor Perry Warjiyo, as quoted by Katadata.co.id, Thursday (September 21, 2023).
Previously, The Fed decided to maintain its benchmark interest rate at 5.25% to 5.5% this month.
Based on the IDX-IC Sectoral Index, seven sectors were corrected, led by the technology sector, which fell by 1.24%, followed by the energy and financial sectors, which fell by 1.04% and 0.56%, respectively.
Meanwhile, four other sectors increased, led by the non-primary consumer goods sector by 1.12%, followed by the health and primary consumer goods sectors, which rose by 0.82% and 0.46%, respectively.
According to RTI Business data, the frequency of stock trading on the domestic exchange today was 1.09 million transactions.
A total of 16.33 billion shares changed hands, with a transaction value of Rp 9.8 trillion.
OASA was the top loser today after weakening by 6.7%, followed by PTMP and INET, which contracted by 6.59% and 6.54%, respectively.
The top gainers today were ICON, which strengthened by 34%, followed by META and MSIN, which strengthened by 30.95% and 19.92%, respectively.
Meanwhile, the majority of regional Asian stock exchanges this afternoon include the Nikkei index, which weakened by 452.80 points or 1.37% to 32,571; the Hang Seng index, which weakened by 230.18 points or 1.29% to 17,655.41; the Shanghai index, which weakened by 23.87 points or 0.77% to 3,084.7; and the Straits Times index, which strengthened by 39.19 points or 1.21% to 3,202.81.
"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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