DIRECTOR of Trade and Member Regulation of the IDX Exchange Irvan Susandy explained several factors that caused the movement of the Composite Stock Price Index (IHSG), today, Tuesday (16/04/2024).
First, globally, there was an increase in political tension between Middle Eastern countries, following the attack of more than 300 drones and missiles by Iran on Israel on Saturday (13/4) local time.
“Second is the increase in US Treasury bond yields, in line with increasing US inflation and geopolitical dynamics,” said Irvan, Tuesday (16/4).
Meanwhile, domestically, what caused the JCI to stagnate, namely several domestic economic data releases in the last two weeks, also influenced the correction in the JCI, namely CPI inflation in March 2024 was recorded at 3.05% (yoy), an increase compared to February 2024 which was 2.75% ( yoy) and foreign exchange reserves in March 2024 were recorded at USD140.4 billion, down compared to February 2024 which was USD144 billion.
The second factor that caused the decline in the JCI was the long Eid al-Fitr holiday period 1445 H, amidst various global economic sentiments that occurred.
The long Eid holiday period in Indonesia. will take place from 8-15 April 2024, so new market adjustments will occur today, Tuesday (16/4).
Global stock exchange indices, such as Vietnam, Taiwan, China, South Korea, Japan, the Philippines and Australia, have recorded a decline of more than 2% in the last two days since Friday (12/4).
“This indicates an adjustment to the JCI in line with the accumulation of market risk during the holiday period,” said Irvan. (Try/Z-7)
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