Jakarta, CNBC Indonesia – The Composite Stock Price Index (JCI) closed lower on Monday (9/20/2021) trading earlier this week, following the weakening of the Hong Kong stock market due to investors’ fears of default by property giant Evergrande.
The country’s benchmark stock index closed down 0.93% to 6,076.21. However, at the close of the second session, the JCI correction tended to be trimmed. In the first session today, the JCI closed down 1.17% to a level of 6,061.41.
Trade data noted that today’s transaction value fell again to Rp 12.2 trillion. A total of 152 stocks rose, 386 stocks fell and another 124 were flat.
It was observed that foreign investors carried out net buying (net buy) of Rp 212 billion in the regular market. However, in the cash market and negotiations, foreigners recorded net sales of Rp 362 billion.
Foreign investors made a net purchase of PT Bank Central Asia Tbk (BBCA) shares amounting to Rp 199 billion. In addition to BBCA shares, foreigners are also recorded to collect shares of PT Telkom Indonesia Tbk (TLKM) amounting to Rp 59 billion.
From the movement of its shares, BBCA’s shares managed to close up 1% to a price level of Rp 32,925/unit, while TLKM’s shares ended down 0.28% to a position of Rp. 3,520/unit.
Meanwhile, net sales were made by foreigners in the shares of PT Bank Rakyat Indonesia Tbk (BBRI) amounting to Rp 152 billion and in shares of PT Bank Negara Indonesia Tbk (BBNI) amounting to Rp 35 billion.
BBRI shares closed down 0.55% to Rp 3,590/unit, while BBNI shares closed down 2.83% to Rp 5,150/unit.
The correction in the JCI followed the Hong Kong stock market which was on fire today. The Hang Seng Index tumbled 3.3% on investors’ fears of a default by Chinese property giant China Evergrande Group panic selling.
Recently, Bloomberg preach, as quoted from Reuters, China’s housing authority has notified banks that Evergrande will not be able to pay interest on loans due on September 20, 2021 due to liquidity difficulties.
Whereas in Asia, major stock indexes such as China, Japan, and South Korea are not open today because they are on a national holiday. So when the main Asian indexes are closed, market participants are looking for other sentiments, one of which is the Hong Kong stock market.
Even though the development of the Indonesian coronavirus (Covid-19) pandemic showed improvement, the JCI actually declined due to negative sentiment coming from Hong Kong.
Yesterday, there were an additional 2,234 new cases. However, active cases that are still being treated have decreased by 4,097 people, to 60,969 people. Thus, the total number of Covid-19 cases in Indonesia is 4,190,763 people.
The market tends to pay attention to the Board of Governors Meeting of Bank Indonesia (BI) on Tuesday regarding monetary policy for the next month. poll Reuters estimates that the national benchmark interest rate (BI 7-Day Reverse Repo Rate) will be maintained at the level of 3.5%.
In addition, market participants also tend to be cautious ahead of the United States (US) central bank meeting at the Fed’s Open Market Committee (FOMC) which will take place this week.
The market will monitor whether there will be additional policies prepared by the US central bank (Federal Reserve / The Fed) to brake the adverse effects of the policy. tapering (reduction of the supply of liquidity in the market by the US central bank).
CNBC INDONESIA RESEARCH TEAM
(chd / chd)
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