Lompat ke konten Lompat ke sidebar Lompat ke footer

Yesterday Flying, Technology Stocks Going Fast Again?

Yesterday Flying, Technology Stocks Going Fast Again?

Andrianus.my.id - Inflationary pressures in the United States (US), which began to sag, triggered an increase in the price of global technology stocks and led to a surge in domestic technology stocks.

The US annual inflation rate was reported to have risen by 7.7% in October 2022. The rate was the lowest since January 2022 and was lower than analyst estimates and the inflation rate the previous month.

For information, the Trading Economics consensus estimates that US inflation will rise by 8% in October 2022, while Uncle Sam's inflation will reach 8.2% in September 2022.

US inflationary pressures have slowed for the fourth straight month since peaking at 9.1% in June 2022.

The slowdown in inflationary pressures has made market players expect that the Fed will no longer be aggressive in raising the benchmark interest rate.

Just so you know, so far this year the Fed has raised its benchmark interest rate by 375 basis points with the latest Federal Funds Rate (FFR) at 4%.

Along with the release of inflation data showing improvement, the 10-year US Treasury yield also fell 30 basis points (bps) to 3.82%.

US Treasury yields that fell below 4% made the US technology index reflected in the Nasdaq Composite shoot up significantly.

The Nasdaq Composite index managed to climb more than 5% last week as technology stocks such as Apple, Google, Netflix and Meta Platform strengthened.

Even the share price of Meta Platform, which has been under great pressure since the beginning of the year, has increased significantly up to 17% on a weekly basis.

The strengthening of the US technology stock index is also a positive catalyst for domestic technology stocks.

The IDX Techno index rose more than 4% in a week due to a simultaneous increase in its constituent stocks such as PT GoTo Gojek Tokopedia Tbk (GOTO), PT Global Digital Niaga Tbk (BELI), PT Bukalapak.com Tbk (BUKA) and PT Elang Mahkota Teknologi Tbk (EMTK).

In addition to the technology index constituents, other technology proxy stocks also managed to soar in yesterday's trade where even PT Bank Jago Tbk (ARTO) flew up to ARA 24.73% and PT Allo Bank Indonesia Tbk (BBHI) climbed 4.24%.

In fact, the increase in the domestic technology index far outperformed the performance of the Composite Stock Price Index (JCI), which rose less than 1% in the past week, indicating that one of the contributors to the strengthening of the domestic stock market is technology stocks.

Posting Komentar untuk " Yesterday Flying, Technology Stocks Going Fast Again?"