She was a Primadona, now the fate of these actions is miserable!

Jakarta, CNBC Indonesia – The performance of domestic risk assets, especially equities, to start the week in 2023 was poor. The Composite Stock Price Index (IHSG), which was last year’s winner in Asia earlier in the year, was actually the biggest winner.

The JCI recorded a weekly weakening of 2.42% and closed at 6,684.56 in trading on Friday (6/1/2022).

With this performance, the JCI officially became the worst performing stock index in the Asia Pacific region, i.e. the “lowest” rating.

Foreign investors are still busy fleeing the domestic stock market, as reflected by the net foreign sales value across all markets which reached Rp 1.6 trillion last week.

In the midst of a deep weakening of the JCI, almost all sectors corrected except for the cyclical index of consumption which led with an appreciation of 1.32% and the sectoral index of basic materials with a weekly increase by 0.51%.

The remaining 9 sector indices recorded a decline. However, what is interesting here is that the energy sector index is actually the worst performing stock index.

For all of last week the energy sector index has weakened by up to 7%. Of note, the energy sector index is mostly compiled by issuers from coal mines to oil and gas companies.

Equities of coal issuers also fell very steeply. Among the shares of blackstone issuers with large market cap values ​​that suffered the steepest decline were PT Adaro Energy Indonesia Tbk (ADRO) shares which fell 18.44% in a week.

Meanwhile, PT Indo Tambangraya Megah Tbk (ITMG) shares, which fell by more than 9%, also became the most foreign-issued coal issuer shares with a net sale of IDR 57.2 billion.

The decline in share prices of coal issuers also followed the weakening of the global benchmark price of coal at the start of the week of 2023. Just FYI, the price of the ICE Newcastle thermal coal futures contract has fallen by more than 5% earlier this year.

In addition to the drop in global coal prices creating negative sentiment, coal mining stocks also posted significant gains last year. It appears that investors are now starting to switch and rotate the stocks selected for 2023.

[Gambas:Video CNBC]