JCI Dipped
Although JCI closed lower on Monday (11/04), it secured foreign capital of IDR240 billion, with the largest portion of IDR200 billion, contributed by PGAS. PGAS posted gains as President Jokowi urged to leave gas prices for industrial demands unchanged. Indonesia’s 3Q19 economic growth of 5.2% y-y and Oct. CCI dipped 2.8% to 118.4 made JCI vulnerable to declines. JCI continued to post 2-day losing streak as the banking sector was bearish after posting capital outflows of IDR1.3 trillion. President Jokowi insisted on banks lowering their loan rates, and it dragged banking stocks down. Even, Oct. foreign exchange reserves of USD126.7 billion or increasing from Sept. level failed to quicken JCI’s pace to the green zone. On Friday (11/08), JCI nudged up.
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