At the beginning of March, IHSG opened higher, and the Asian stock market is also green


Jakarta, Indonesianpost.comThe Composite Stock Price Index (IHSG) opened higher this morning. The IHSG strengthened in line with the movement of Asian markets. According to RTI data, on Wednesday (3/1/2023), the IHSG rose 24 points (0.35%) to 6,867. The LQ45 index also rose slightly by 4 points to 947.

The US market closed lower amidst data showing that the Consumer Confidence Index unexpectedly fell in February, indicating that consumers are becoming more pessimistic. The housing market in December also declined from the previous month. US WTI crude oil prices rose 1.6% to $76.9/barrel amid strong demand recovery expectations in China.

The Deposit Insurance Agency (LPS) raised the Rupiah deposit insurance interest rate by 25bps to 4.25% and the FX deposit interest rate by 25bps to 2.25%, effective from March 1 to May 31, 2023. We expect that some banks will raise their deposit interest rates depending on their liquidity levels.

Meanwhile, BI reiterated its stance not to raise interest rates further. Indonesia will soon issue regulations requiring natural resource exporters to hold 30% of their FX receipts domestically for a minimum of 3 months, but will not require them to convert their FX into Rupiah. We expect a positive impact on banks given the increased FX liquidity and potential yield improvements. The Central Statistics Agency will announce February inflation data, with market consensus predicting a slight increase from January.

Here is the movement of Asian markets this morning:

The Nikkei index fell 16 points Hang Seng index jumped 415 points Shanghai index rose 11 points Strait Times index rose 23 points

Source Detik
Leave A Reply

Your email address will not be published.