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ILLUSTRATION. Employees watch the movement of the Composite Stock Price Index (IHSG) through mobile phone screens in Jakarta. AMONG PHOTOS / Rivan Awal Lingga / hp.
Reporter: Nur Qolbi | Editor: Herlina Kartika Dewi
KONTAN.CO.ID – JAKARTA. After plummeting 2.96% in trading on Monday (11/30), the Jakarta Composite Index (JCI) has now returned to the green zone. In the last two trading days, the JCI rose by 2% and 1.56%, thus reaching the level of 5,813.99 at the close of the trading day on Wednesday (2/12).
Even so, foreign investors continued to sell. This is clear from the foreign net sale that has continued to be recorded in these two business days. On Tuesday (1/12), foreigners on the list net sale Rp 684.06 billion in all markets and continued on Wednesday (2/12) for a value of Rp 155.34 billion.
Pilarmas Investindo Sekuritas analyst Okie Ardiastama said that the sale action still being carried out by foreign investors is only a technical factor. Given, JCI has risen significantly in recent weeks.
According to him, foreign investors will book another net purchase on the stock market in line with the improvement in domestic fundamentals.
Read also: Breaking the 5,800 level, JCI still has a chance to strengthen on Thursday (3/12)
“The flow of foreign funds is only a matter of time,” Okie said when contacted by Kontan.co.id on Wednesday (2/12).
Okie is optimistic that Indonesian economic conditions may once again attract foreign investors to enter the stock market. This is because Indonesia’s economic performance is better than that of other countries, especially in Southeast Asia.
Furthermore, the continued decline in financial market risk and Bank Indonesia’s commitment to maintaining financial market liquidity also allow the rupiah to appreciate towards the end of this year.
“For entrepreneurs, exchange rate fluctuations are a special calculation. In that way, exchange rate stability, which is currently quite good, can also boost the performance of the real sector,” Okie said.
On the other hand, a sell-off by foreign investors can be an opportunity to collect shares that are widely released. On Wednesday (02/12), the 10 stocks with the highest net sales abroad were PT Unilever Indonesia Tbk (UNVR), PT XL Axiata Tbk (EXCL), PT Indocement Tunggal Perkasa Tbk (INTP), PT Bank Mandiri Tbk (BMRI), PT Bank Negara Indonesia Tbk (BBNI), PT Adaro Energy Tbk (ADRO), PT Charoen Pokphand Indonesia Tbk (CPIN), PT Indofood CBP Sukses Makmur Tbk (ICBP), PT Indofood Sukses Makmur Tbk (INDF) and PT Ramayana Lestari Sentosa Tbk (RALS).
Okie advised investors to pay close attention to stocks in the consumer industry sector. The reason is that, in the past, this sector is actually lagging behind amid the strengthening of JCI.
“The drop that occurred in this sector can be used as a buying impulse because the room for strengthening is still quite open,” Okie said.
Given, the opportunities for improvement in this sector are expected to increase in line with the improvement in people’s purchasing power next year.
Therefore, according to Okie, market players may consider buy into weakness UNVR, ICBP, INDF and CPIN. Recommend investors buy into weakness UNVR in the area of IDR 7,500-IDR 7,575 per share, ICBP IDR 9,800-IDR 10,050 and INDF IDR 6,800-IDR 7,175.
Furthermore, Okie assessed that the banking sector is still there over weight so that this decline can be used as a buying impulse. It recommended the purchase of BMRI in case of weakness in the range of Rp 6,325-Rp 6,650 per share and BBNI Rp 5,925-Rp 6,400.
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