Market Recap
JCI continued to point higher, backed by the basic industry. JCI’s Top Gainers: Basic Ind. (+1.4%), Consumer (+0.7%), Mining (+0.1%).
Unlike JCI, INNI index closed lower, subdued by RALS’s 2.28% drop. The paradigm shift in shopping patterns from brick and mortar to virtual spaces challenges retailers, particularly those who target the middle-to-low income group.
Daily Foreign & Domestic Sector Movement
Tuesday’s foreign inflows of IDR17 billion came to the rescue, supporting JCI to hit the two-day gaining streak. Foreign investors had an insatiable appetite for banking stocks as they invested money in net buy transactions of IDR120 billion. Apart from the rally in banking stocks, Fitch Ratings reported that banks in the Asia Pacific regions are more likely suppressed by global macroeconomic challenges, and their short-term earnings prospects are a bit murky.
Furthermore, the rupiah exchange rate for USD was appreciated at 0.07 percent to 14,115.
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