Indonesian Stocks Finished Lower, Energy Shares Soares

Stock Market News and Analysis

Indonesian stocks were mixed on Tuesday trade with foreigners continue to book net purchase. Jakarta composite finished lower while benchmark index IDXENERGY jumped as much as 6.97%

Jakarta composite slipped 9.383 points (-0.153%) to 6,113.112 while LQ45 slipped 0.17% to 859.878. There were 31.991 billion shares traded worth of Rp13.843 trillion, including transaction of Rp1.473 trillion in negotiation market. Foreign investors purchased a net Rp191.63 billion in regular market. 179 shares rose while 330 declined and 152 unchanged.

Mining stocks such as ADRO, BUMI, INCO, ITMG soared on the back of booming coal and oil prices. On other news, ADRO plans to repurchase its shares with a maximum amount of Rp4 trillion.

The government raised Rp12 trillion from the seven series offered in state securities auction today. Total incoming bids were 58,83 trillion.

In 1H21, ANTM net sales amounted Rp17.28 trillion, rose to 87% compared to net sales in the previous year of Rp9.24 trillion with revenue from domestic sales activity as the dominant contributor amounted Rp13.68 trillion or equal to 79% of the Company’s total net sales. Meanwhile, operating profit is recorded at Rp1.53 trillion, significantly increased by 442% from the operating profit in 1H20 of Rp281.65 billion. The solid improvement of gross and operating profits gave support to ANTM’s net profit in 1H21 amounted Rp1.16 trillion.

According to JISDOR released Tuesday afternoon, weakened 11 points (-0.08%) at 14,269 while spot rate retreated 15 points (-0.11%) at 14,265.

Stocks in Asia were mixed on Tuesday with China and Hong Kong advanced in spite of various firms downgraded China’s GDP forecasts.

In Europe, stocks were lower as global investors monitored a spike in U.S. bond yields and Chinese growth concerns.

Goldman Sachs on Tuesday slashed its China GDP growth expectations to 7.8%, down from the 8.2% previously forecast, while Nomura also expected China’s GDP to grow by 7.7% this year, down from a previous forecast of 8.2%.

On China’s debt crisis, the People’s Bank of China pledged to safeguard the healthy development of the real estate market and protect home buyers’ rights amid China Evergrande Group’s

Elsewhere, Australia’s retail sales fell 1.7% on a seasonally adjusted basis in August. That was higher than market forecasts for a 2.5% decline.

German consumer morale for October has brightened unexpectedly. The GfK institute’s consumer sentiment index climbed to 0.3 points from a revised -1.1 points for September, outstripping a Reuters forecast for -1.6.

Cryptocurrencies clawed back their losses from the previous week’s volatility unleashed by China’s latest crackdown, with Bitcoin trading around the $43,000 mark.

Oil prices rose for a sixth straight day on mounting fears of a global energy crunch. Brent rose 64 cents (+0.80%) at $80.17 per barrel and U.S WTI increased 77 cents (+1.02%) at $76.22 a barrel.

Stock Market News and Analysis

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