Market Recap
JCI was sluggish as massive foreign outflows from the banking sector weighed JCI down. Top Losers JCI: Basic Industry (-2.9%), Misc. Industry (-2.5%), Property (-1.8%).
INNI Index dropped at 2.1%, well below JCI’s 1.4%. LSIP weakened by 4.4% as escalating trade frictions lowered CPO prices.
Daily Foreign & Domestic Sector Movement
Foreign investors’ fears of the retaliatory trade battle the U.S.-China spawned net sell of IDR1.4 trillion. The banking sector–large-cap stocks, i.e., BBCA, BMRI, and BBNI–posted to the biggest foreign outflows of IDR891 billion. BMRI and BBNI’s net profits topped estimates, while BBRI and BBCA’s net profits were below estimates. Despite their different net profits, the 4 large-cap banks earned lower-than-estimate revenues. Like the banking sector, automotive and spare-parts sectors also posted net sell of IDR177 billion.
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