ILLUSTRATION. Journalists are in front of the screen of stock trading movements on the Indonesia Stock Exchange (IDX), South Jakarta, Thursday (10/9/2020). The Composite Stock Price Index or JCI closed in the red zone at the end of trading this week, namely at the level of 4,891.46 or down
Reporter: Kenia Intan | Editor: I knew Laoli
KONTAN.CO.ID – JAKARTA. Jakarta Governor Anies Baswedan announced the Jakarta Governor Anies Baswedan, Wednesday (9/9).
The implementation of the PSBB, such as at the beginning of the Covid-19 pandemic, had become a negative sentiment on trade Thursday (10/9). According to the records of the Indonesia Stock Exchange (IDX), the JCI was under 5.01% to a level of 4,891.46. The financial sector experienced the most significant decline of up to 5.94%.
Hans Kwee, Director of Anugerah Mega Investasma, is of the opinion that the financial sector is under drastic pressure due to market players panic selling banking stocks.
Some banking stocks with market capitalization or large market capitalization recorded a significant decline, such as BBCA, BBRI, BMRI, and BBNI. Even according to IDX data, the four of them became JCI ballast or laggard shares on Thursday trading (10/9).
Quoting BEI statistics, BBCA’s share price has decreased by 7%, so that its market capitalization is thinning to Rp. 709 trillion. This decline contributed to the decline in the JCI that day to 45.7 points.
Also Read: Jokowi has a different opinion with Anies Baswedan about the PSBB
After that, there was BBRI whose share price was eroded by 6.7%, its market capitalization was Rp. 388 trillion. This decline contributed to burdensome JCI up to 24.2 points.
For BMRI, its shares decreased by 6.9%, and its market capitalization reached Rp 248 trillion. These shares contributed to the JCI’s weight up to 15.9 points.
Meanwhile, BBNI experienced a decrease in price of up to 6.9%, the market capitalization was thinning to Rp 86 trillion. BBNI put pressure on the JCI by up to 5.5 points.
According to Hans Kwee, the decline experienced by banking sector stocks was triggered by market players’ worries about economic activity that is not running normally. Thus, bad credit will increase and worsen the performance of banking issuers.
Despite the potential to be depressed during the PSBB later, financial sector stocks are still attractive. Because, when the economy recovers, this sector will increase for the first time.
On the other hand, Hans Kwee sees that the market is not as hot as before, so the decline will not be as deep as when the PSBB was first implemented.
Just so you know, the JCI today, Friday (11/9), was recorded to have strengthened by 2.56% to the level of 5,016.71. The financial sector also rose 1.80%. For now, Hans Kwee advised investors to first look at the impact of the increasingly stringent PSBB on financial sector stocks.
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