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Indonesian Market Analysis, Index Was Down 0,39%

27 November 2022 03:11

Now let's take a look at the Indonesian stock market, this Friday (26/11/2022) afternoon, Indonesia's composite index was down by 0,39%. Jakarta composite index slipped as investors were taking profit during trading hours. It was also due to the nickel price which corrected 0,64% / to USD25.896 per tonne.

Rupiah was also 0,08% lower, though there was positive sentiment about the release of minutes from The Federal reserve’s November meeting. The report showed that the central bank sees progress in its fight to lower inflation and expects to slow the pace of interest rate hikes going forward.

The minutes stated a substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate. 

The uncertain lags and magnitudes associated with the effects of monetary policy actions on economic activity and inflation were among the reasons cited regarding why such an assessment was important.

That means that the fed will likely deliver a smaller rate hike in December and in the early months of 2023. Those sentiments made spot gold, lower rates tend to lift the appeal for bullion in comparison with other interest-bearing assets. At the same time, oil prices were gained.