Jakarta, CNBC Indonesia – Composite Stock Price Index (IHSG) pada trade Wednesday (9/9/20) 09:45 WIB collapsed 0.74% to the level of 5,204.57 after falling below the psychological level of 5,200 at 5,178.40 or a decrease of 1.25% after the action profit taking hit Uncle Sam’s stock exchange (Wall Street).
However, which stocks caused the drop in the national benchmark index? Consider the following table.
The conglomerate group, which is mainly engaged in the automotive sector, namely PT Astra International Tbk (ASII) today triggered the collapse of the JCI after a 2.44% correction and caused the Mother Earth reference market to drop 6.5 index points.
Furthermore, again PT Bank Central Asia Tbk (BBCA) is also the driving force behind today’s JCI decline, even though it only depreciated 0.32%, BBCA managed to drive the JCI down by 3.2 points due to BBCA’s very large market capitalization, Rp. 777 trillion.
Compared with the second position of PT Bank Mandiri Tbk (BMRI) which fell quite badly by 2.51% and only managed to suppress the JCI by 4.5 points.
It can be seen from the table above, of the 5 market down movers today 3 of them came from the banking sector.
Therefore, the sector that caused the JCI to drop below 5,200 was the financial sector, the financial sector index itself fell 1.05% this morning. The INFOBANK15 banking sector index fell even more by 1.25%.
The cause of the JCI collapse due to corrections in banking stock prices makes sense, because the backbone of the JCI has always been the financial sector because this sector is inhabited by market capitalization giants, so the JCI will rise or fall depending on this sector.
The banking sector has the largest proportion in the JCI, which is 33%, far above the second largest sector, namely consumer goods which only weighs 8%.
Today’s decline was due to investors responding to profit taking action on the world’s benchmark stock market, namely the United States (US), whose three major indexes collapsed.
Indeks Dow Jones Industrial Average (DJIA) closed down 2.25% this morning Indonesia time (Tuesday US time). Meanwhile, the S&P 500 and Nasdaq Composite collapsed 2.78% and 4.11%, respectively.
CNBC INDONESIA RESEARCH TEAM
(trp/trp)
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