JCI Retreated
Although JCI alike other Asia bourses tanked in the early last week, it remained attractive for foreign investors and secured foreign funds still. We analysed that JCI’s was far from immune to infectious COVID-19 pandemic and wobbly global crude oil prices. Saudi Arabia-Russia dispute left prices of global crude oil tumbling. JCI was still unmoved from the red after the World Health Organization declared that the spread of COVID-19 is lethal pandemic to the global state. Trump’s dead-in-the-water proposal of a 0% payroll tax rate was another stumbling block to JCI’s lethargic paces to the green, and even the economic incentive of a six-month income tax (PPh 21) exemption to better spur 2020’s economic growth was not powerful enough to get rid of that stumbling block and rescued JCI from the red trap. On Friday’s trading session of March 13, JCI made a little rebound after the Financial Service Authority (OJK) and IDX rolled out stimuli.
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