JCI’s Mixed Movement
A flood of negative sentiments run into Indonesia’s equity markets. In last week’s early days, JCI slump at 0.91% y-y as investors performed profit-taking ahead of the national election, spawning the rebalance between high-risk stocks and low-risk assets, i.e. bonds and corporate bonds. The top losers were infrastructure and consumers (-2.1%) and (-1.2%), respectively. In last week’ mid-days, the reading of March’s reserve assets of USD125 billion –an all-time high– over the last 11 months, the hike of 1.9% and 2.1% in coal and crude prices were positive catalysts for JCI. The rally in crude prices persisted amid the turmoil in Libya, one of major OPEC oil producers.
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