Jakarta, CNBC Indonesia – Ahead of the announcement tapering or a reduction in asset purchases by the US central bank, the Federal Reserve (the Fed), the Composite Stock Price Index (JCI) closed up 0.91% to 6,552.13 on Wednesday’s trading yesterday (3/11/2021).
The strengthening of the Indonesia Stock Exchange (IDX) benchmark index was supported by various sectors, especially construction and property.
Shares of listed construction companies and their supporting sectors successfully turned green in yesterday’s trading. The champion in the construction sector is PT Adhi Karya Tbk (ADHI) with a 5.77% increase in share price in a day at the level of Rp. 1,100/share.
There is no positive catalyst for the construction sector. However, since the second week of last month, the prices of construction stocks of BUMN Karya tended to be in a downtrend with a decline of more than 10%.
This significant decline in a short period of time is considered to be the right momentum to buy again. So that the increase in the price of construction stocks more reflects the technical and psychological factors of the market that see prices have fallen drastically.
|
Construction |
Daily |
|
ADHI |
+5.77% at IDR 1,100 |
|
SMGR |
+5.57% at Rp 9,475 |
|
LANGUAGE |
+3.69% at IDR 1,265 |
|
PTPP |
+3.45% at IDR 1,200 |
|
INTP |
+2.11% at Rp 12,100 |
|
JSMR |
+1.70% at IDR 4,190 |
|
WSKT |
+1.66% at IDR 920 |
The increase in construction share prices also helped to lift the related sector, namely property. Even the property stock index rose 1.33% yesterday. The trend of property stock price movements also followed construction issuers which had a downtrend since the second week of October.
|
Property |
% Daily |
|
SMRA |
+5.41% at IDR 975 |
|
CTRA |
+4.33% at Rp 1,085 |
|
ASRI |
+2.75% at IDR 187 |
|
LPKR |
+2% at IDR 153 |
|
PWON |
+1.98% at IDR 515 |
|
APLN |
+1.45% at IDR 140 |
|
BSDE |
+1.35% at IDR 1,125 |
|
SSIA |
+1.24% at IDR 490 |
In general, the triggering factor for the rebound in construction and property stock prices was the downward trend in stock prices. So that the current momentum is more reflective of the phenomenon bottoming up.
However, the possibility of strengthening the price of these shares will only be temporary.
There is a tendency of continued high volatility due to tapering sentiment and seasonal factors in the JCI which usually sinks in November considering the end of the financial report release season.
CNBC INDONESIA RESEARCH TEAM
(trp/trp)
– .
