The stock market opened this morning with the news that the IDX stock has recorded a high record. This time, the stock managed to break through the 7000 points. This significant increase is influenced by several factors.
The most influencing factors are external factors that come from the western world. The war conflict between Russia and Ukraine, as well as the increase in Federal Reserve interest rates, contributed to the strengthening of the IDX this time.
It was noted that the IDX rose 0.54 percent to 7,030.27 on Thursday (17/3/2022) at 09.01 WIB. Shortly after trading opened, the index touched a high of 7,032.71 and a low of 7,014.60.
Director of Equator Swarna Investama Hans Kwee said that two main factors pushed the IDX strengthening to penetrate the 7,000 level this morning, namely the easing of the Russia-Ukraine conflict and the positive market response to the Federal Reserve’s interest rate hike.
“The Russia-Ukraine conflict has become the main focus of investors lately. When there is good news, it is immediately responded to positively,” he explained, quoted from Youtube Beritasatu, Thursday (17/3/2022).
Hans said the Ukrainian president saw a more realistic view of a potential ceasefire. The Russian Foreign Minister also stated that the two sides could reach a compromise. This, continued Hans, is very good for the market.
On the other hand, the surge in commodity prices has eased in line with the improvement in the Russia-Ukraine situation. Previously, the prices of key commodities such as oil, gold, coal, and CPO had hit record highs.
Hans also said the market responded positively to the Fed’s 25 bps rate hike to 0.25 percent-0.50 percent, which was in line with expectations. That made Wall Street higher overnight, and Asian stock markets also rose this morning. “The market responded positively to the interest rate hike which was in line with expectations,” he added.
However, Hans warned that the Fed’s statement was quite hawkish. The Fed plans to raise interest rates 6 times in 2022 to a range of 1.75 percent-2 percent.
This morning, a total of 237 stocks rose, 60 stocks fell, and 180 stocks traded stagnant this morning. Market capitalization on the Indonesia Stock Exchange was recorded at Rp. 8,849.59 trillion.
Foreign investors made a net purchase of Rp. 97.09 billion in early trading. Shares of PT Bank Central Asia Tbk. (BBCA) became the most bought shares by foreign investors this morning with a value of Rp. 53.8 billion. BBCA’s share price rose 0.91 percent to Rp. 8,275.
Furthermore, the shares of PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI) also became the second-largest foreign-purchased shares worth Rp. 36.1 billion. BBRI’s share price rose 0.65 percent to Rp. 4,680.
In addition, the shares of PT Bank Mandiri (Persero) Tbk. (BMRI) is also the most bought share by foreign investors, which is worth IDR 25.8 billion. BMRI’s share price rose 0.94 percent to Rp. 8,025.