Jakarta, Indonesia – A number of stocks fell more than 6% towards the close of trading session II today, Tuesday (13/7/2021), as the Composite Stock Price Index (JCI) fell more than 1%.
According to data from the Indonesia Stock Exchange (IDX), at 14:34 WIB, the JCI ‘free fall’ 1.09% to 6,013.260, after having strengthened in early trading this morning. The transaction value was recorded at Rp 9.316 trillion with a trading volume of Rp 18.13 billion.
Although the JCI fell, foreign investors recorded a net buy (net but) in the regular market of Rp 80.90 billion and a net buy in the negotiating market and cash market of Rp 113.12 billion.
Here are the top 5 stocks for the top losers:
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Multipolar (MLPL), shares -6.85%, to Rp 680, transaction Rp 100.5 M
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Borneo Olah Sarana Sukses (BOSS), -6.49%, to Rp 72, transaction Rp 12.6 M
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Neo Commerce Bank (BBYB), -6.40%, to Rp 585, transaction Rp 92.4 M
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Smartfren Telecom (FREN), -6.14%, to Rp 107, transaction Rp 142.8 M
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XL Axiata (EXCL), -6.13%, to Rp 2,450, transaction Rp 111.8 M
According to the data above, the shares of the Lippo Group issuer, MLPL, were the most sinking to reach the lower auto rejection (ARB) limit of 6.85% to Rp 680/share, after yesterday the shares closed stagnant at Rp 730/share.
Previously, on Friday (9/7) last week, MLPL shares closed up 5.80%. In the week this stock fell 2.86%, while in the month it rose 0.74%.
In the second position was the share of a coal mining company, BOSS, which fell 6.49% to Rp 72/share. This is the fourth time in a row that BOSS shares have fallen more than 6%. The consecutive declines occurred because investors were still taking profit-taking after last Tuesday (6/7) and Wednesday (7/7) last week BOSS shares shot up 34.62% and 34.29%, respectively.
The stock duo of telecommunication issuers, FREN, and EXCL, also fell. FREN shares slumped 6.14% to Rp 107/share, continuing the correction on the previous 3 days. Then, EXCL shares fell 6.13% after two days previously greened 1.94%.
The drop in the JCI until this afternoon occurred in the middle of athere is a possibility that the Implementation of the Micro Emergency Community Activity Restriction (PPKM) will be extended for up to 6 weeks.
The possibility of an Emergency Micro PPKM being extended is very large, because the addition of cases of the corona virus disease (Covid-19) per day continues to set a record high.
Yesterday, the addition of cases of disease due to the corona virus (Covid-19) again scored a record high of 40,427 people per day. Passing the previous record which was still in the range of 38 thousand people per day.
Due to the high risk of the Covid-19 pandemic, especially the new variant or delta, the government created a scenario to implement the implementation of Emergency Community Activity Restrictions (PPKM) for up to 6 weeks.
“Emergency PPKM is carried out for 4-6 weeks to contain the spread of cases. Community mobility is expected to decrease significantly,” wrote Finance Minister Sri Mulyani Indrawati’s presentation during a meeting with Banggar DPR, Monday (12/7/2021).
Therefore, the State Budget will be strengthened to respond to the negative impact of increasing Covid-19 cases on the economy and it is necessary to accelerate vaccination, the effectiveness of Emergency PPKM, and the readiness of the health system, both health facilities and health workers.
As a result of the extended Emergency Micro PPKM, the Indonesian economy will also be affected.
Sri Mulyani also projects that economic growth in the third quarter of 2021 will slow to 4% to 5.4% and in the fourth quarter of 2021 it is estimated that it will grow 4.6% – 5.9%. So that the whole year is estimated to only reach 3.7% to 4.5%.
CNBC INDONESIA RESEARCH TEAM
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