Indonesia's IDX Falls Amidst Market Fears of a Hawkish Fed (Wednesday, February 22, 2023)
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The Jakarta Composite Index (JCI) fell 63.47 points, or 0.92%, to close at 6,809.968 on Wednesday, February 22, 2023.
Today's index weakening is in line with market concerns over the hawkish stance of the Federal Reserve (The Fed) regarding its benchmark interest rate policy.
"From a sentiment perspective, there are still global concerns, where investors are worried about the Fed's hawkish stance in its monetary policy to maintain a high-interest rate era to suppress inflation," said MNC Securities Analyst Herditya Wicaksana, as quoted by Antara, Wednesday (22/2/2023).
The Fed will release the minutes of its meeting, or The Meeting Minutes, tonight, which will influence the direction of its future benchmark interest rate policy.
On the other hand, US economic data reports have tended to improve, as shown by the increase in the 10-year UST yield to 3.9%.
Based on reports from the Indonesia Stock Exchange (IDX), the frequency of stock trading on the domestic exchange today was 1.08 million transactions.
A total of 16 billion shares changed hands, with a transaction value of Rp 8.78 trillion.
The issuer with the code SLIS became the top loser after weakening by 6.93%. This was followed by issuers NZIA and RAJA, which contracted by 6.92% and 6.91%, respectively.
Meanwhile, today's top gainers were HRTA, which strengthened by 24.8%, followed by FMII and MEDS, which strengthened by 24.4% and 16.25%, respectively.
The majority of stocks closed lower today. The details are 365 stocks weakened, 299 stocks stagnated, and 182 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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