Indonesia's IDX Closed Lower as Market Players Fear the Fed Remains "Hawkish" (Monday, March 6, 2023)
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The Jakarta Composite Index (JCI) fell 6.63 points, or 0.1%, to 6,807.001 at the close of trading on Monday, March 6, 2023. The weakening index today is in line with market concerns that the Federal Reserve (The Fed) will remain hawkish to curb US inflation.
"Although the JCI strengthened this morning, likely influenced by the strengthening global market trend, investors are still expected to be concerned about the Fed's monetary policy, which is seen as still hawkish to curb inflation," said MNC Securities analyst Herditya Wicaksana, as quoted by Antara, Monday (6/3/2023).
From abroad, Herditya said that this week the market is focusing on the release of February 2023 foreign exchange reserve data, projected at US$139 billion, down from US$139.4 billion in January 2023.
Domestically, he continued, the market is predicted to focus on the February 2023 consumer confidence index report and the January 2023 retail sales survey data on March 8-9, 2023.
Based on the Indonesia Stock Exchange (IDX) report, the frequency of stock trading on the domestic exchange today was 1.15 million transactions.
A total of 14.66 billion shares changed hands, with a transaction value of Rp7.98 trillion.
The stock with code LFLO was the top loser, weakening by 9.84%. This was followed by DYAN and BLTZ, which contracted by 7% each.
Meanwhile, the top gainers today were NZIA, which strengthened by 24.27%, followed by PTMP and LAJU, which strengthened by 19.17% and 13.97%, respectively.
The majority of stocks closed lower today. Specifically, 322 stocks weakened, 313 stocks were stagnant, and 216 stocks strengthened.
"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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