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Jakarta, CNBC Indonesia – The handling of the Covid-19 pandemic in Indonesia continues to be a concern for foreign investors in the capital market. With the addition of more than 6,000 boxes a day last Sunday, the stock market was also under pressure.
Referring to the Indonesian Stock Exchange (IDX) trading data, on Monday, November 30, 2020, the Jakarta Composite Index (IHSG) was corrected by 2.96% to 5,612.41 levels. Foreign investors carried out net sales actions worth 2.69 trillion rupees, even though the daily transaction value reached 32.83 trillion rupees with a frequency of 1.69 million times.
In Asia, JCI fell to the deepest, followed by the Hang Seng index, Hong Kong down 2.06%, Straits Times, Singapore down 2.02%, the Nikkei index, Japan down 0.79% and the Shanghai Composite was down 0.49. %.
“In fact, Covid-19 is quite an intense concern for foreign investors. There are concerns about the spread of the Covid case in Indonesia, which will directly affect economic and macroeconomic activities,” Bahana Sekuritas economist Satria Sambijantoro said when it was contacted by CNBC Indonesia on Monday (11/30/2020).
With the addition of daily positive cases through November 29, 2020, the average active case increased to 13.41%. Not only that, yesterday the daily positive cases also touched the highest level, that is, 6,267 cases. This was also highlighted by President Joko Widodo (Jokowi) regarding the management of Covid-19 in Indonesia, which has not shown any improvement, has even worsened.
“IHSG is a reflection of economic activity, from a growth perspective, if the market falls, expectations for future growth will decrease,” he said.
Satria also assessed that amid the growing number of daily Covid-19 cases, there were concerns from market players about the possibility of the second regional quarantine policy being implemented if the Covid-19 case was not yet under control.
On the other hand, the market also does not see any certainty regarding vaccines, so there will still be volatility in the stock market.
However, regional quarantine policy, Satria added, must also be considered from the point of view of costs and benefits. According to his calculations, returning to the regional quarantine will cost more than the benefits because the impact will be very onerous for the economy.
“If it is a confinement, it must be carried out with care, especially not necessarily because the community or activities that have already been carried out want to return to the confinement a second time,” he said.
[Gambas:Video CNBC]
(Wed / Wed)
