Market Worries Over Hawkish Fed, Indonesian Stock Exchange Closes Slightly Higher (Friday, February 17, 2023)
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The Jakarta Composite Index (JCI) edged up 0.05 points or 0% to close at 6,895.714 on Friday, February 17, 2023.
The index's slight increase occurred despite investor concerns about the Federal Reserve (The Fed) maintaining a hawkish stance.
"From the United States (US), there are sentiments surrounding the improving economy, and there are concerns from investors about the Fed's still hawkish monetary policy in raising the Fed Fund Rate (FFR) to bring inflation back down to the 2% level," said Herditya Wicaksana, an analyst at MNC Sekuritas, as quoted by Antara, Friday (17/02/2023).
Herditya predicted that today's JCI movement will still be influenced by global market movements and sentiment, where today's global and Asian markets tend to be corrected.
Domestically, he continued, the Bank Indonesia (BI) Board of Governors Meeting on February 16, 2023, decided to maintain the BI 7-Days Reverse Repo Rate (BI7DRRR) at 5.75%.
Based on data from the Indonesia Stock Exchange (IDX), today's trading frequency amounted to 1 million transactions.
A total of 24.36 billion shares changed hands, with a transaction value of Rp9.81 trillion.
The issuer with the code FUJI became the top gainer with a strengthening of 28.65%. Followed by BSML and SIPD which strengthened by 17.92% and 16.43% respectively.
Meanwhile, today's top loser was KING, which contracted by 9.4%, followed by MKPI and UANG which weakened by 7% and 6.87% respectively.
Although the stock index strengthened, the majority of stocks closed stagnant today. The details are 321 stagnant stocks, 303 weakening stocks, and 222 strengthening stocks.
"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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