A worker cleans the floor in front of a screen displaying the movement of the Jakarta Composite Index (IHSG) on the Indonesia Stock Exchange, Jakarta, Wednesday (26/4/2023). The Composite Stock Price Index (IHSG) opened lower in early trading on Friday (28/4/2023). JCI weakened to a level of 6,902.46 after ending up 0.51 percent at the close of the previous trade.
Armfalcon.com, JAKARTA — The Composite Stock Price Index (IHSG) opened lower in early trading on Friday (28/4/2023). JCI weakened to a level of 6,902.46 after ending up 0.51 percent at the close of the previous trade.
The weakening of the JCI occurred amid strengthening global stock indices. Phillip Sekuritas Indonesia said that the majority of stock indices in Asia opened higher following the movement of the main stock indices on Wall Street overnight.
The S&P 500 and DJIA posted their biggest daily percentage gains since January 6. The NASDAQ, meanwhile, posted its biggest daily gain since March 16.
“The company’s financial reports for the first quarter of 2023 came out better than analysts’ forecasts, so that it managed to overshadow concerns about slowing US economic growth,” wrote Phillip Sekuritas Indonesia in his research.
Investors digested a number of US economic data releases that came out worse than expected. The second estimate of US 2023 first quarter GDP data shows the US economy growing 1.1 percent on a quarterly basis, slowing down.
Economic growth in the first quarter of 2023 is the slowest since the second quarter of 2022 because the acceleration in consumer spending can be offset by a decline in business investment. Meanwhile US inflation rose 4.9 percent faster than the 4.4 percent increase in the previous quarter.
On the labor market, Initial Jobless Claims data showed the number of first-time recipients of unemployment benefits decreased by 16,000 to 230,000 for the week ended April 22, contrary to market expectations of an increase of 249,000.
“This is the first decline in Initial Jobless Claims in the last three weeks and extends the trend of US labor market conditions remaining tight amid aggressive interest rate increases by the Federal Reserve,” said Phillip Sekuritas.
The bond market responded to rising inflation with a spike in yields. The 10-year US Treasury Note yield jumped nine bps to 3.562 percent, while the two-year US Treasury Note yield flew 15 bps to 4.08 percent.
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