Avalanche! JCI Unable to Drop 3%, Under Selling Pressure

Jakarta, CNBC Indonesia – One hour before the end of trading, the Jakarta Composite Index (JCI) fell 3% and fell from the psychological level of 6,600.

At 14:10 WIB, the JCI was observed to have fallen 3.3% to the level of 6,591. Trade data recorded a net foreign sell of Rp 508 billion in the regular market.
The fall of big cap stocks was the main trigger for the JCI’s collapse. All bank snapper shares plunged more than 2%. Even BBNI shares touched the lower auto reject (ARB) level.

Shares of consumer issuers that previously rose this time reversed direction. Large market cap consumer stocks tumbled more than 1%.

A similar fate was experienced by sluggish construction sector stocks. Meanwhile, the property sector also dropped.

In the commodity and natural resources (SDA) sector, ITMG and INCO stocks rose 1.3% and 0.7%, respectively.

Negative sentiment came from the West. Last night Wall Street closed again with a correction after the release of US inflation data for April 2022.

The S&P 500 and Dow Jones indexes fell 1.65% and 1.02%, respectively. Meanwhile the Nasdaq Composite plunged 3.18%.

The April Consumer Price Index (CPI) jumped 8.3% or worse than economists and analysts in the Dow Jones poll had expected 8.1%. However, the realization is still more sloping than March inflation which was recorded at 8.5 percent.

Domestically, Bank Indonesia (BI) reported that retail sales grew 2.6% on a monthly basis and 9.3% on an annual basis in March 2022.

Based on the results of the retail sales survey (SPE), respondents estimate retail sales will grow 6.8% compared to March 2022 in line with the momentum of the fasting month of Ramadan.

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However, the release of good domestic economic data was not able to be a positive catalyst for the JCI. Please understand that external sentiment is still dominant.

[Gambas:Video CNBC]

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