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Jakarta, CNBC Indonesia – The Composite Stock Price Index (JCI) in the last week still registered a slight increase of 1.40% along with the good news of the Covid-19 vaccine ordered by the Indonesian government, although last Friday (28 / 8/2020) this benchmark closed down minus 0.46% at 5,346.
Recently, the government managed to secure a commitment to purchase 40 million doses of the Covid-19 vaccine. This is an agreement between the state pharmaceutical company PT Bio Farma (Persero) and Sinovac Biotech China that was witnessed by the Minister of Foreign Affairs, Retno Marsudi, and the Minister of BUMN, Erick Thohir.
Analysts consider that this sentiment provides a positive perception of the market as seen from the JCI movement. Obviously, in the last month to the close of last week (8/28), referring to data from the Indonesian Stock Exchange (IDX), the JCI has risen 4.49% to the level of 5,346.
However, in the last 6 months the IHSG is still minus 9.58% and year to date or the current year, IHSG was corrected by 15.13%.
At the beginning of the year, JCI had fallen due to the influence of the negative sentiment of the mega scandal of the alleged corruption of PT Asuransi Jiwasraya (Persero) that caused that many accounts of actions dragged by Jiwasraya were blocked by the Prosecutor’s Office. Then JCI fell even further after the corona virus officially entered the country on March 2.
The entry of the coronavirus was confirmed by President Joko Widodo and Health Minister Terawan Agus Putranto on March 2. There are two Indonesian citizens who have tested positive for corona. They are a mother (64 years old) and her daughter (31 years old).
So far, as of Sunday (8/30/2020), confirmed positive cases reached 172,053 patients or an increase of 2,858 people over the previous day.
The Covid-19 case has also raised stocks, especially those related to health, specifically the pharmacy. The movement of stocks in the pharmaceutical sector reaps euphoria of optimism over the discovery of the Covid-19 vaccine and has made pharmaceutical companies stronger by up to a hundred percent in the last 6 months.
According to PT Profindo Sekuritas technical analyst Dimas W. Pratama, this sentiment may still support the continued appreciation of pharmaceutical stocks.
Top 5 Winners for 6 months, as of August 28, 2020
1. PT Indofarma Tbk (INAF)
The shares of this pharmaceutical issuer shot up 349.66% to the level of Rp 3,260 / share in the last 6 months. Last weekend, Friday (8/28/2020), the shares of this subsidiary of PT Bio Farma (Persero) closed at minus 1.81%. The strengthening of INAF’s actions also coincided with the actions of PT Kimia Farma Tbk (KAEF), which received the sentiment for the corona vaccine.
2. PT Kimia Farma Tbk (KAEF)
The shares of INAF’s ‘sister’ pharmaceutical issuer also received a positive catalyst for the corona vaccine. Bio Farma, the parent company of KAEF and INAF, is currently testing the Covid-19 vaccine in collaboration with the Chinese pharmaceutical company Sinovac. Suddenly, this feeling woke up the two state pharmaceutical companies. Last week, KAEF shares closed at minus 2.11% at the level of Rp 3,240 / share and in the last 6 months they soared 288.02%.
3. PT Bank BRISyariah Tbk (BRIS)
Shares of a subsidiary of PT Bank Rakyat Indonesia (Persero) Tbk have soared in recent days in line with the company’s performance amid sluggish performance in the banking sector. BRIS recorded impressive net profit growth in the second quarter of 2020, which amounted to 229.6% to Rp 117.2 billion, compared to the second quarter of 2019.
Last week, BRIS shares closed 1.58% higher at Rs 965 / share and in the last 6 months they soared 209.29%. Another sentiment driving BRIS shares is the planned merger of the BUMN sharia banks.
4. PT Bank Rakyat Indonesia Agroniaga Tbk (AGRO)
The financial report notes that Bank Agroniaga posted a net profit of Rs 20 billion, 74.5% less than in the same period in the first half of 2019, which was Rs 78 billion. Net interest income decreased 2.9% to Rp 323 billion from Rp 333 billion previously. However, the company’s shares soared 160.27% to the level of Rs 380 / share in the past 6 months, last week AGRO shares closed at minus 2.06%.
This stock market sentiment is related to the plan repurchase and the allocation of shares to companies, in addition to being driven by speculation.
5. PT Semen Baturaja (Persero) Tbk (SMBR)
This state cement company is also included in 5 stocks with the highest increase in the last 6 months, namely 100.33% at the level of Rs 605 / share. Last week, SMBR shares were stagnant with a market capitalization of Rs 6.01 trillion.
Basthony Santri, SMBR Corporate Secretary, in his letter to IDX management, emphasized that as of the date of the company’s letter on July 27, his party was not aware of any information or material fact that was considered to affect the value of the company’s securities or the investment decisions of investors.
“As of the date of this letter, the company is also not aware of the activities of certain shareholders as stipulated in the Regulation of the Financial Services Authority Number 60 / POJK.04 / 2015,” he said in an information disclosure.
“The company will carry out the repackaging of the syndicated line of credit in the near future,” he said.
Regarding this week’s business projections, PT Mega Anugerah Investama director Hans Kwee estimates that JCI has the opportunity for consolidation to tend to weaken after the strengthening that has occurred in recent weeks.
“We estimate that JCI will move with support for [batas bawah] at the level of 5,324 to 5,218 and resistance [batas atas] at the level of 5,400 to 5,450 ”, said in the investigation, quoted on Monday (8/31/2020).
Hans also assessed that the market sentiment was also coming from the capital’s government policies. The DKI Jakarta provincial government has again expanded the transitional PSBB. “This raises the possibility that the Indonesian economy will experience negative growth in the third quarter,” he said.
On the other hand, amid this pandemic, the government continues to urge people not to be afraid to exaggerate.
Coordinating Minister of Maritime Affairs and Investments General TNI (Ret.) Luhut Binsar Pandjaitan assess the pandemic COVID-19 it has a great impact on the lives of Indonesians. However, he advised the public to worry too much or even fear Covid-19.
“Do not continue to be afraid of Covid-19. The Covid-19 pandemic has prompted us to innovate and carry out reforms to make Indonesia even more efficient,” Luhut said at the High Impact Seminar and Launch Program of BI, on Sunday (8/30/2020).
He stressed that there are several things that must be done to transform. First, we have to be compact and take advantage of this pandemic to make it an opportunity, not just a challenge. The Covid-19 pandemic is encouraging people to see opportunities for digitization.
Second, cultivate the spirit of innovation. He commended the Bank of Indonesia (BI) for doing so.
The former chief of the Office of the General Staff of the Presidency emphasized that optimism should always be maintained in this depressed condition.
“I discovered that during my career, in difficult circumstances, I am optimistic because God has given us the talent to find solutions to all problems,” said the former commander of the Army Special Forces.
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