Omicron Not Deadly, JCI Swings to Green Zone in Session 1

Jakarta, CNBC Indonesia – The Composite Stock Price Index (IHSG) turned higher at the close of the first trading session on Thursday (2/12/2021), amid the varied movements of the stock market in Asia Pacific in response to the development of the Covid-19 virus variant, namely Omicron.

According to data from the Indonesia Stock Exchange, the JCI ended at the level of 6,567,963 or a jump of 60.3 points (+0.93%) at the close of the afternoon. Opened up 0.15% to 6,517.339, the stock’s main benchmark index immediately turned to the red zone after 09:00 WIB.

JCI had touched its daily low of 6,484,578 for an hour, and only then turned higher at 10:00 WIB. The daily high was touched near the close of session 1, which was at 6,568,383.

The majority of stocks rose by 265 units, while 233 fell, and the remaining 153 were flat. The trading value declined to a level of Rp. 7.5 trillion, involving 17 billion shares that changed hands 898,000 times. Foreign investors scored net purchases (net buy) worth IDR 30.1 billion.

The shares they bought were mainly PT Telkom Indonesia Tbk (TLKM) and PT Bukit Asam Tbk (PTBA) with a net purchase value of Rp 71.4 billion and Rp 36.3 billion, respectively. Both jumped 2.2% and 3.85% respectively to Rp 4,170 and Rp 2,700/unit.

On the other hand, the foreign selling action hit the shares of PT Bukalapak.com Tbk (BUKA) and PT L Axiata Tbk (EXCL) with net sales of Rp 29.6 billion and Rp 23.6 billion, respectively. Both are green, by 1% and 1.6%, respectively, to IDR 515 and IDR 3,120/share.

In terms of transaction value, PT Karya Bersama Anugerah Tbk (KBAG) shares reigned with a total trading value of Rp 320.4 billion, followed by BUKA worth Rp 277.7 billion, and PT Bank Rakyat Indonesia Tbk (BBRI) valued at Rp 267.4 billion.

The JCI rally took place in the midst of varied movements in regional exchanges, where major stock indexes in the region varied in response to the development of the omicron which had spread to developed countries. South Korea’s KOSPI and Hong Kong’s Hang Seng Index gained 1.1% and 0.2%, while Japan’s Nikkei and China’s Shenzhen fell 0.26% and 0.2% respectively.

The World Health Organization (WHO) said 24 countries were recorded to have reported cases of the Omicron variant so far. But the good news, most of the symptoms are mild and not lethal.

Market participants are also looking at the stock market seasonality factor that occurred in December which could be a positive catalyst, namely the activity of beautifying the portfolios of fund managers, better known as window dressing.

CNBC INDONESIA RESEARCH TEAM

[Gambas:Video CNBC]

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