Indonesia's IDX Closes Higher Amidst Sentiment of The Fed's Interest Rate Hike (Thursday, May 4, 2023)
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The Jakarta Composite Index (JCI or IHSG) closed up 31.3 points or 0.46% to 6,844.027 on Thursday (4/5/2023). The index rise occurred amid sentiment surrounding the increase in the benchmark interest rate by the United States (US) central bank, the Federal Reserve (The Fed).
"However, this JCI movement is amidst negative global sentiment, where last night The Fed again raised the Fed Fund Rate (FFR) by 25 basis points to 5.25%," said MNC Securities Analyst Herditya Wicaksana, as quoted by Antara, Thursday (4/5/2023).
On the other hand, Herditya continued, investors are still observing developments regarding the banking crisis still engulfing the US. The Fed raised the FFR by 25 basis points in last night's meeting, which was in line with market expectations and suggests that further increases could be halted.
Domestically, Herditya said, market players are focusing on the release of Indonesia's Q1-2023 GDP growth, which will be released on Friday (5/5/2023). The consensus expects it to remain quite stable, thus contributing positively to the JCI's movement pattern.
According to RTI Business data, the frequency of domestic stock trading today reached 1.33 million transactions.
A total of 16.74 billion shares changed hands, with a total transaction value of Rp 10.75 trillion.
The issuer with the code SGER became the top gainer with a strengthening of 24.51%. Followed by AMAN and KEEN, which strengthened by 24.44% and 21.82%, respectively.
Today's top loser was ISAP, which contracted by 8.89%, followed by FWCT and AWAN, which weakened by 6.9% and 6.85%, respectively.
The majority of stocks closed higher today. The details are 282 stocks strengthened, 239 stocks weakened, and 212 stocks were stagnant.
"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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