Market Recap
JCI continued its sluggish pace, weighed down by the banking sectors. Top Losers JCI: Basic Industry (-1.7%), Finance (-1.3%), Consumer (-1.1%).
INNI Index dropped at 1.41% aligning with JCI’s declines as retail stocks, e.g., LPPF and MAPI respectively slumping by 3.9% and 3,2%. Although retail stocks were reigning at the red zone, they still allured foreign investors by posting sales of 28.5 million stocks.
Daily Foreign & Domestic Sector Movement
JCI witnessed consecutive foreign outflows as trade battle escalated. Yesterday, foreign investors pulled IDR998 billion from JCI as the U.S. and China trade frictions left panic selling in Asian stock markets, including Indonesia. Investors panicked that the escalation spawned slumping companies’ earnings.
Foreign outflows were followed by domestic outflows as the retail and agricultural sectors respectively suffered from the net sell of IDR124.5 billion and IDR9 billion.
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