Jakarta, CNBC Indonesia – Compact domestic financial market finish in the green zone yesterday. Stocks, bonds and the rupiah exchange rate all strengthened.
The Composite Stock Price Index (JCI) closed up 1.83% to 6,342.69. Trade data noted that today’s transaction value fell again to Rp 17.2 trillion.
Foreign investors are recorded as still making net purchases (net buy) in a fairly large amount, reaching Rp. 1.9 trillion in the regular market. A total of 317 stocks rose, 202 stocks weakened and another 143 were flat.
Some of the stocks that are the driving force (movers) for the index comes from the energy sector, especially coal.
This is in response to rising prices for fossil fuels, both gas, coal and crude oil due to the energy crisis that hit the world.
Meanwhile, the majority of government bond prices closed higher at the same time. Launch data from Refinitiv, yield SBN has a tenure of 10 years which is yield The benchmark sovereign bond turned down 2.6 bp to 6.333% today.
The increase in stock prices and government bonds also served as a positive catalyst for the rupiah exchange rate. On the spot market, the rupiah strengthened 0.28%, while at the BI middle rate, the rupiah rose 0.27% against the US dollar. The rupiah also returned to below Rp. 14,300/US$.
The strengthening of domestic financial assets did not escape the trend of rising commodity prices. One of them is Crude Palm Oil (CPO).
CPO prices are still undergoing a bullish trend. In the past week, the price rose 3.55% point-to-point. Over the past month, the gain was 5.06%.
Indonesia is the world’s largest producer and exporter of CPO. The increase in commodity prices means that Indonesia’s foreign exchange earnings from exports will swell. The abundant supply of foreign currency in the domestic economy provides a strong foothold for rupiah stability.
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