Market Recap
JCI closed lower in 3 consecutive days due to the rupiah depreciation and the sliding prices of coal. Top Losers: Misc. Industry (-1.65%), Mining (-1.53%), Basic Industry (-1.22%)
Daily Foreign & Domestic Sector Movement
Despite the foreign net sell of IDR133 billion in Indonesia’s equity markets, the banking sector still posted the foreign net buy of IDR174 billion. The big-4 banks simultaneously received the foreign net buy. It signified foreign investors’ confidence in ploughing their funds into Indonesia, albeit the modest net buy.
On the other side, domestic investors posted the net buy of IDR173 billion in the automotive sector; they targeted ASII stocks for “buy the dip” as ASII stocks were corrected by 1.8%. The correction was attributable to possible setback lurking ASII because its subsidiary, UNTR, is projected to underperform. But, such murky outlook can be cushioned by its automotive division: the backbone of ASII’s growth.
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