Jakarta, CNBC Indonesia – Foreign funds continue to leave the Indonesian stock market. It has been recorded that for 16 weeks, foreigners have continued to sell, and last week (September 21-25) it was recorded that net foreign sales of rupiah reached Rp. 2.17 trillion.
Based on data from the Indonesia Stock Exchange (IDX), during the last 3 months, foreigners recorded sales of Rp. 28.39 trillion and if it was withdrawn from January to September 25 last week (year to date / ytd), foreign net sells exceeded Rp. 58.42 trillion. .
Trade data noted that at the end of last week the Composite Stock Price Index (IHSG) closed up 2.13% at the level of 4,945.79 with a transaction value of Rp 7.33 trillion.
However, in a week the IDX’s main reference index was minus 2.24%, in 3 months it was up 0.55%, and ytd was corrected to 21.49%.
There were 5 stocks with a fairly large foreign net sell record last week.
5 Biggest Net Selling Shares of the Week (21-25 Sept)
1. PT Bank Central Asia Tbk (BBCA)
BBCA shares released by foreigners in a week reached IDR 838.7 billion, with a weekly stock price correction of 0.36% to IDR 28,050 / share. The transaction value of bank shares belonging to the Djarum Group reached Rp. 4.04 trillion with a trading volume of 145.8 million shares.
2. PT Telekomunikasi Indonesia Tbk (TLKM)
The shares of this state-owned telecommunication issuer were released by foreigners for Rp 210.3 billion with a correction in the share price of 6.92% to the price position of Rp 2,690 / share. The value of transactions a week reached Rp 2.13 trillion with a trading volume of 770.15 million shares.
3. PT Bank Mandiri Tbk (BMRI)
The shares of this state-owned bank were sold by foreigners for Rp. 156.29 billion, with a 4.04% drop in share prices a week to Rp. 5,350 / share. The share transaction value reached IDR 1.36 trillion with a trading volume of 259.1 million shares.
4. PT Surya Citra Media Tbk (SCMA)
The parent company of the Emtek Group media business and owner of the SCTV television station, whose shares were released by foreigners of Rp. 151.8 billion, with a weekly stock price correction of 2.93% at the level of Rp. 1,160 / share. The transaction value was IDR 205.31 billion with a trading volume of 172.96 million shares.
5. PT Centratama Telekomunikasi Indonesia Tbk (CENT)
The shares of the telecommunication tower issuer of the Northstar Group were sold by foreigners for Rp 133.52 billion, but its share price rose 6.15 percent to the level of Rp 138 / share. The transaction value reached IDR 205.49 billion with a trading volume of 1.67 billion shares.
Hans Kwee, Director of Anugerah Mega Investama, assessed the high net sell certainly not good because foreign investors are recorded as owning 49.95% of non-script shares or scripless on the IDX based on records of KSEI (Indonesian Central Securities Depository).
“It seems that local investors are strong enough to lift the index amidst foreign selling pressure, but they don’t know how long it will take. One of the factors that are expected to cause foreign funds to exit is the weak handling of Covid-19 and new cases that continue to rise,” Hans said in daily research. , quoted Monday (28/9/2020).
He considered, testing in Indonesia was still low, only 11,560 people per 1 million population, far below the Philippines with 32,672, let alone the United States, which reached 309,524.
Coupled with news of the revision of the Bank Indonesia Law which has the potential to eliminate the independence of the central bank and the transfer of financial industry supervision from the Financial Services Authority to BI, foreign funds rush out of the Indonesian financial market.
“Changing the foundations of the financial industry in the midst of a storm is very risky to collapse Indonesia’s economic structure. This issue has been denied but contributed to the weakening of the rupiah exchange rate and the outflow of foreign funds from the Indonesian financial market a few weeks earlier.”
The weakening rupiah coupled with the outflow of foreign funds made it difficult for the JCI to strengthen significantly and tend to be sideways until the end of the year, “he explained.
He assessed that the stock market this week will appear to be influenced by positive and negative news.
“We estimate that the JCI has the opportunity to strengthen at the beginning of the week and tends to weaken in the middle to the end of the week. support [batas bawah] at the level of 4,820 to 4,754 and resistance [batas atas] at the level of 4,978 to 5,187 with a tendency to weaken in the next week. “