Jakarta, CNBC Indonesia – Entering the third trading day in the last week of July, the Composite Stock Price Index (IHSG) is still unsure of its movement amid investors who are still waiting for the announcement of the Fed’s interest rate hike.
Yesterday, the Composite Stock Price Index (JCI) closed with an appreciation of 0.39% at 6,898.22 after experiencing quite volatile trading and having moved several zones in a relatively short time in the middle of the trading day.
The JCI movement was in line with the majority of other major Asian stock indexes which also closed in the green zone. Except for Hong Kong’s Hang Seng, which sank and China’s Shanghai Composite, which slightly corrected.
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The exchange transaction value was quite busy, although it was down from the previous day’s trading and was in the range of Rp 12.32 trillion. Yesterday’s trading involved 30 billion shares changing hands 1.35 million times.
Foreign investors are registered to enter the Indonesian capital market with net buy in all markets amounting to Rp 38.35 billion. Meanwhile, in the regular foreign market, they withdraw their funds by selling net (net sell) Rp 10.74 billion. In the past month, foreign regular markets have carried away funds worth a total of Rp 5.59 trillion.
Bumi Resources (BUMI) shares, which had a mysterious investor, returned to become the shares with the largest transaction value yesterday, reaching Rp 919 billion. Then there are Bank Central Asia (BBCA) and Adaro Energy (ADRO) shares with transaction values of Rp 428 billion and Rp 423 billion, respectively.
The three stocks that were most sought after by foreigners yesterday were Astra International (ASII), Indo Tambangraya Megah (ITMG) and Bank Mandiri (BMRI). Meanwhile, the three stocks that were sold the most were Bank Negara Indonesia (BBNI), Bank Rakyat Indonesia (BBRI) and Bukalapak.com (BUKA).
Meanwhile, from other financial markets, the rupiah jumped sharply at the beginning of yesterday’s trade, unfortunately it had to end up in the red zone against the US dollar at the end of trading.
According to Refinitiv data, as soon as trading opened, the rupiah shot up 0.43% to Rp 14,930/US$, before finally ending up again redeeming the 15,000 level and ending at Rp 15,010/US$ or weakening 0.1%.
The US dollar index, which measures the greenback’s performance against six other world currencies, fell 0.13% to 107.05. The movement of the US dollar index is still close to the record high reached in mid-July at 109.29.
The failure of the rupiah to record a strengthening cannot be separated from the anxiety of investors who in yesterday’s trading were still wait and see the decision of the US central bank (The Fed).
The Fed has so far raised interest rates 3 times for a total of 150 basis points to 1.5% – 1.75%.
180 degrees different, last week Indonesia’s central bank (BI) decided to again maintain its benchmark interest rate at a historic record low of 3.5% and has lasted 18 months.
Currently, to limit liquidity and maintain the rupiah exchange rate, BI has chosen alternative steps, namely by increasing the Statutory Reserves (GWM) and intervening in the bond market. Last week BI released ownership of state securities (SBN) worth Rp 390 billion.
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