The threat of a credit crisis, that creates damaging shockwaves across the global financial system has overtaken inflation as investors’ biggest worry in the wake of a spate of US bank collapses.
In recent days investors have focused on German giant Deutsche Bank.
The company's shares have lost around more than a quarter of their value this month and the cost of protecting against a default on its bonds soared even though few put it in a class with Credit Suisse.
For now, few investors see this year's events as a repeat of the systemic crisis, that swept through markets in 2008 taking down Lehman Brothers and prompting government bailouts of large financial institutions.
But fundamentally, the index was affected by the 45 most liquid stocks' performance throughout 2022.
In the latest news, Aneka Tambang reported an increase in performance throughout 2022. This state-owned metal mining issuer posted a net profit of 3.82 trillion rupiahs in 2022.
This had shot up 105% from the realized net profit in the final period of 2021, which was only Rp1.86 trillion.
On the other hand, state-owned telecommunications company Telkom Indonesia saw its net profits shrink by 18.46% year on year to Rp27.6 trillion.
Telkom said the drop in earnings was mainly due to unrealized losses, from its investment in homegrown tech giant GoTo. The fair value of the company's subsidiary investment in goto plummeted to 6.7 trillion rupiahs.
Next, let’s move on to the rupiah and commodity prices. Rupiah was traded at 0,03%, to 15.155 a dollar. It was due to The Organisation for Economic Cooperation and Development (OECD) estimated Indonesia's economic growth this year will grow at 4.7% on an annual basis.
And spot gold price was corrected by 0,57%. It was because investors continue to assess, the latest news from the banking sector in the US and Europe.
Meanwhile, oil prices were up, as investors were watching out for China’s manufacturing and services purchasing managers’ indexes to be released later this week. WTI crude oil price was up 0,77%, and brent price gained 0,69%.
Therefore, tomorrow's index is expected in the range of 6.728-6.796. And rupiah will be in the range of 15.125-15.225.
Next, let’s take a look at the top losers and top gainers of the day.