BI-Rate Hike: A ‘Nightmare’ to Technology Issuers

The technology sector remains among the worst-performing groups of issuers this year, with the recent increase in BI rate exacerbating its challenges.

Annisa Kurniasari Saumi

29 Apr 2024 - 15.30
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BI-Rate Hike: A ‘Nightmare’ to Technology Issuers

Bisnis, JAKARTA — The rise in benchmark interest rates presents a challenging scenario for capital-intensive industries like the technology sector. This condition signals a pause in the expansion plans of this sector, while simultaneously putting pressure on profit margins due to increased cost of fund.

Reflecting this trend, the IDX Sector Technology (IDXTechno) index, which tracks the performance of the technology sector in the capital market, has exhibited the weakest performance. As of the end of last week, Friday (26/4/2024), the index had recorded a year-to-date (YtD) decline of 26.01%.

Out of the 39 issuers in the sector, 26 have seen negative performance, including recently listed companies like PT Mitra Pedagang Indonesia Tbk. (MPIX) and PT Topindo Solusi Komunika Tbk. (TOSK).

Additionally, six issuers have been stagnant due to suspension or minimal transactions. Only seven issuers have managed to maintain positive growth.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.