Market Recap
JCI notched lower yesterday. It was constrained by the net foreign sell due to the downgrade recommendation on JCI by Credit Suisse. Top Losers: Misc. Industry (-3.41%), Infrastructure (-2.31%), Agriculture (-2.23%)

Daily Foreign & Domestic Sector Movement
Yesterday, foreign investors accumulate the net sell program of IDR566 billion, causing JCI to decline by 1.06%. All large capitalization sectors posted foreign net sell, e.g., IDR294 billion by the automotive sector, IDR114 billion by the telecommunication sector, and IDR28 billion by the banking sector. Credit Suisse downgraded Indonesia’s stocks from the overweight of 20% to the underweight of 10%; it triggered foreign net sell.

Whereas domestic investors posted the net sell of IDR76 billion for the cement sector as 50% of cement COGS correlating with USDIDR, the rupiah depreciation is likely to wipe out margin performance.

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