Jakarta, CNBC Indonesia – In the midst of the rally in the Composite Stock Price Index (JCI) this week, it shot up to 216.55 points or 3.7% to 6,065,166, some stocks actually fell from various sectors that were depressed due to the economic slowdown.
According to data from the Indonesia Stock Exchange (IDX), this week, technology shares of PT Indosterling Technomedia Tbk (TECH) led the correction, with a decline of 24.6%. Shares of iron steel issuer PT Lionmesh Prima Tbk (LMSH) followed with a correction of 24.4%.
Turning from the shares of PT DCII Teknologi Tbk (DCII) which this week became top gainer, TECH’s shares have become top loser as the economic slowdown puts pressure on software spending (software). The company also faces bad sentiment regarding the appointment of Sean William Henley, Commissioner of TECH, as a suspect in the alleged fraud case of Rp 47.1 billion.
According to the company, the case that occurred in September last year did not affect its operations. However, as of December 2020, TECH’s net profit was depressed to IDR 1.6 billion, or dropped from the 2019 position of IDR 2.8 billion.
Iron steel issuer PT Lionmesh Prima Tbk (LMSH) is indeed under fundamental pressure, due to the economic slowdown that has suppressed its operating performance. Since 2019, the company has recorded a net loss of IDR 18.2 billion, which will continue in 2020 of IDR 8.1 billion.
Construction machinery issuer PT Harapan Duta Pertiwi Tbk (HOPE) has been facing a correction since early June, after listing its initial shares on May 22. As is known, the automotive sector is one of the hardest hit by the economic downturn.
The next issuer to become top loser is PT Pan Brothers Tbk (PBRX) which is engaged in the textile sector. This sector has been under pressure due to the economic slowdown, due to the labor-intensive nature of the industry while the domestic market has been battered by products from China.
The correction in the company’s shares occurred amid bad news regarding the application for Postponement of Debt Payment Obligations (PKPU) from PT Maybank Indonesia Tbk (BNII). The value of the debt at the root of the lawsuit is Rp 57.9 billion. Until now the company is negotiating to carry out the restructuring.
Finally, the shares of PT Saraswanti Anugerah Makmur Tbk (SAMF) are engaged in the chemical goods sector. The company’s stock corrected after announcing the dividend distribution schedule cum-dividend which ended last Friday.
After receiving dividends, investors generally choose to release their share ownership to realize profits and pursue growth potential in other stocks.
CNBC INDONESIA RESEARCH TEAM
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