Dozens of stocks rose from the gocap level, analysts recommend

ILLUSTRATION. As of Friday (9/10), there were 89 stocks stuck at the lowest price of IDR 50.

Reporter: Kenia Intan | Editor: Wahyu T. Rahmawati

KONTAN.CO.ID – JAKARTA. Until the close of trading on Friday (9/10), there were 89 stocks stuck at the lowest price of Rp 50 or gocap shares. This number is more than GOCAP’s shares at the end of the first semester of 2020 which reached 79 shares.

In the midst of the increasing number of gocap stocks, several shares were actually released from the Rp 50 price trap. Based on Kontan.co.id’s investigation, at least 18 stocks recorded an increase in price. A total of 12 of them are still in the price range of Rp. 50 to Rp. 60. The other six stocks have increased to a level of more than Rp. 60.

The six shares are PT Darmi Bersaudara Tbk (WOOD) to IDR 82, PT Cahayaputra Asa Keramik Tbk (CAKK) to IDR 61, PT ICTSI Jasa Prima Tbk (KARW) to IDR 80, PT Cottonindo Ariesta Tbk (KPAS) to IDR 89, PT Asuransi Harta Aman Pratama Tbk (AHAP) to IDR 64, and PT Ginting Jaya Energi Tbk (WOWS) to IDR 75.

The strengthening of these shares was monitored by the Indonesia Stock Exchange (IDX). Based on Kontan.co.id’s search, IDX announced the price and activity of several stocks moving out of the ordinary or unusual market activity (UMA). The shares in question are KAYU and KPAS.

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Although the six stocks managed to escape from their lowest level, analysts suggest that market players should stay away from these stocks. Philip Sekuritas analyst Anugerah Zamzami Nasr said the increase in stocks was only triggered by technical factors. Going forward, price movements are still difficult to predict due to small and volatile liquidity.

“It’s best to avoid it. If you return to Rp 50 again it will be difficult to transact,” said Zamzami to Kontan.co.id, Sunday (11/10).

Meanwhile, Panin Sekuritas analyst William Hartanto observed that gocap stocks moved when the JCI was quiet or declining. This is because these stocks are an alternative for market players who wish to do so trading.

As seen technically, KAYU and KARW stocks actually still have the potential to continue strengthening. However, William recommends avoiding stocks that rise from that gocap level. “It should be avoided because the volatility is too high to make it difficult to follow,” William told Kontan.co.id, Sunday (11/10).

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On the other hand, William views, currently there are some positive sentiments towards the JCI which is likely to continue on strengthening stocks blue chips. Therefore, stocks that have risen from the gocap level are prone to being abandoned.

For your information, until the close of trading on Friday (9/10), the JCI was at 5,053.66. This level rose 1.30% during the last three months. When compared with six months ago, this level strengthened 16.47%. Even though it has recorded recent gains, the JCI is still weakening by 19.78% year to date (ytd).

Also Read: Waiting for the market to recover, mutual fund investors can choose defensive portfolio mixes

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Reporter: Kenia Intan
Editor: Wahyu T. Rahmawati

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