Market Recap
JCI closed higher yesterday as the U.S. postponed the hike in imports tariffs, and the banking sector rallied. Top Gainers: Infrastructure (+1.30%), Basic Industry (+0.99%), Finance (+0.57%).
Daily Foreign & Domestic Sector Movement
Despite the lack of positive sentiments in the domestic, foreign investors still posted the net buy of IDR260 billion. Foreign investors targeted the banking sector and posted the net buy of IDR297 billion. Although JCI’s performance was not as stellar as China’s index, the net buy on the banking sector convinced domestic investors that foreign investors are still interested in investing in Indonesia.
Yesterday, domestic investors flocked into the net buy of nearly IDR31 billion on the pharmaceutical stocks yesterday when USDIDR rallied by 0.45%. The performance of pharmaceutical makers is strongly entwined with USDIDR because they mostly use imported raw material. Thus, domestic investors target pharmaceutical stocks as they wish to reap higher profit margins along with rupiah appreciation.
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