Jakarta, CNBC Indonesia-The Composite Stock Price Index (JCI) closed this week greening successfully. Even though it was corrected quite badly on the first and second trading days, the national stock exchange benchmark index was successful in getting its revenge on the last two trading days
Trade data noted that the JCI was successfully appreciated by 1.07% to 6,358.20 in a week. Despite the speed, it was observed that foreign investors sold a net Rp 1.6 trillion in the regular market.
Amid the appreciation of the local capital market, many leading stocks managed to lead the increase. Check out the following table.
It was observed that the appreciation of shares in the capital market this week was led by an issuer controlled by the Minister of BUMN, Erick Thohir of PT Mahaka Media Tbk (ABBA), which appreciated 114.86% to the level of Rp. 159 / unit.
The increase in ABBA’s shares occurred due to news circulating among market players that the media company, a subsidiary of ABBA, which manages radios in Indonesia, will have new investors.
Reportedly, venture capital company JWC Ventures is ready to disburse funds of up to US $ 20 million or Rp. 282 billion (exchange rate of Rp. 14,100 / US $) to fund the digital radio content segment owned by ABBA’s subsidiary, Noice.
In the second and fourth positions appear the names of PT Sarana Meditama Metropolitan Tbk (SAME) and PT Bank Jago Tbk (ARTO), which last week just completed their rights issue corporate action. The two stocks appreciated 34.19% and 23.64% respectively.
The company controlled by PT Elang Mahkota Teknologi Tbk (EMTK) managed to raise funds of up to IDR 816 billion, which will be used for debt repayment and working capital.
Meanwhile, ARTO has just had a new investor, namely Singapore’s SWF, namely GIC, in its latest corporate action where Bank Jago will get fresh funds of up to IDR 7 trillion.
Shares that were badly corrected in a week
Like heaven and hell with the shares above, here are the names of the issuers that had suffered severe corrections in this week’s trading.
The 4 members of the hospital’s shares with the largest corrections were mini-banks, aka banks with a core capital of less than IDR 5 trillion, aka BUKU II banks.
Two weeks ago, the share prices of mini-banks shot up due to investor speculation with the OJK regulation regarding banking consolidation where investors in which mini bank shares were contested with speculation about strategic investors.
After the euphoria subsided, these stocks were badly corrected and entered the list of prisoners this week led by PT Bank MNC International Tbk (BABP) which corrected 20%, PT Bank China Construction Bank Tbk (MCOR) fell 12.02%, PT BPD Banteng Tbk (BEKS) subsided 10.81%, and PT Bank Panin Dubai Syariah Tbk (PNBS) which fell 8.82%.
In addition to mini banking, there is also the name of the nickel issuer PT Vale Indonesia Tbk (INCO), which has dropped 16.02% following the price of nickel, which was badly corrected this week.
CNBC INDONESIA RESEARCH TEAM
(trp/roy)
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