Jakarta, CNBC Indonesia – Indonesian stock market it closed significantly lower and reached its lowest point in eight months.
This is because JCI pressured by aggressive comments from two Fed officials ahead of key inflation data announcements and growing concern that optimism from China’s reopening could as old as corn.
Composite Stock Price Index (IHSG)it fell 101 points or 1.52% to 6,638 in the first session of trading this afternoon, trading at its lowest level in eight months.
A total of 396 stocks experienced corrections, 133 stocks appreciated, while another 173 did not budge.
The trade had a transaction volume of around 11 billion, which changed hands 762 times, and the trade value reached IDR 7.4 trillion.
Financial stocks led the bears, amid steep declines in Bank Mandiri (-4.63%), BankVillageIndonesia (-3.61%), BanksPeople of Indonesia(-3.27%) and BanksCentral Asia(-2.66%).
Another major drawback is Sinarmas Multiartha (-4.78%), Thriving indofood success(-4.68%),Telecom Indonesia(-0.26%), international star (-0.47%) and Merdeka Copper (-1.58%).
“Isu The highlight of the night was caution in the equity space as stocks trimmed gains after aggressive comments from two Fed officials. Raphael Bostic and Mary Daly said the Fed was likely to hike rates above 5% and move them will hold for some time,” Commerzbank said..
Returning to the country of the bamboo curtain,China’s reopening was buoyed by sentiment with its shares rising for a sixth consecutive session on Monday, while Hong Kong shares soared to six-month highs. However, any optimism could be short-lived, said Trinh Nguyen , emerging Asia economist at Natixis in Hong Kong.
“I think what will dampen a lot of this emerging optimism is the reality of this opening. Even in Hong Kong, even though it’s officially open, visa issuance has been a bit slow,” Nguyen said.
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