Jakarta, CNBC Indonesia – After being depressed at the beginning of trading, the Jakarta Composite Index (JCI) moved into positive territory this weekend, Friday (9/10/2020).
As of 10:11 a.m. WIB, the JCI had strengthened 0.26% to the level of 5,052.14 points. Previously, the JCI was opened corrected at the level of 5,036.47 as investors’ response to the demonstration that occurred on Thursday simultaneously Jakarta and other cities rejecting the Omnibus Law on Cipta Kerja Law.
Director of Trade and Member of the Exchange, Laksono Widodo said, although the index was under pressure due to the fluctuation of demonstrations, he made sure that trading would continue in accordance with market mechanisms.
Although the selling action of foreign investors cannot be denied that it is still happening. Trade data noted that foreigners made net sales in all markets this morning at Rp. 70.21 billion.
“Just make sure the IDX trade can still run normally according to market mechanisms,” said Laksono to CNBC Indonesia, Friday (9/10/2020).
Valbury Sekuritas in his research explained, JCI at the end of this week is expected to move varied with a tendency to weaken.
Currently, the sentiment that concerns the market is the security situation after the demonstration against the Omnibus Law on the Job Creation Law in Jakarta ended in chaos.
In addition, Valbury considered, Indonesia has an Investment Management Institution (LPI) or a Sovereign Wealth Fund (SWF). With the existence of the LPI, Indonesia can use its domestic potential to attract new investment.
Furthermore, a Bank Indonesia (BI) survey of retail sales showed that in August 2020 it had improved. This is reflected in the Real Sales Index (IPR) which grew by minus 9.2% YoY, improving from minus 12.3 YoY in July 2020.
Improvement occurred in most groups of goods, with sales of the food, beverage and tobacco groups growing positively, in line with the implementation of New Habit Adaptation (IMR) which stimulated community activities.
From abroad, sentiment from the US is still coloring the market. “The market is also looking at recent comments from US House Speaker Nancy Pelosi and US President Donald Trump regarding further fiscal stimulus assistance,” said Valbury.
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