Update COVID-19 in Indonesia: 24,538 confirmed infections, 1,496 deaths (28 May 2020)
28 May 2020 (closed)
USD/IDR (14,769) +8.00 +0.05%
EUR/IDR (16,275) +95.18 +0.59%
Jakarta Composite Index (4,716.19) +74.63 +1.61%
Just before closing time on Thursday (30/11), the benchmark Jakarta Composite Index suddenly tumbled 1.8 percent to 5,952.14 points. Most Southeast Asian stock markets were down but Indonesia led losses, dragged down by financials and consumer staples. Indonesian stocks recorded their weakest day since November 2016.
Asian stocks were down on Thursday (30/11), weighed down by a plunge in tech shares (mirroring the move on Wall Street that occurred overnight) on fears that a long boom in micro-chips may have peaked.
Indonesia was affected the most. Foreign investors sold USD $165 million worth of Indonesian stocks on Thursday. Considering foreign investors are primarily focused on the big cap stocks, blue chips posted big losses. The biggest losers were HM Sampoerna (-4.87 percent), Astra International (-4.49 percent), Gudang Garam (-4.46 percent), Bank Central Asia (-3.90 percent), Indofood CBP Sukses Makmur (-3.70 percent), Indofood Sukses Makmur (-3.62 percent), Bank Negara Indonesia (-3.57 percent), and Bank Rakyat Indonesia (-2.73 percent).
Analysts say there is no real fundamental reason for the massive 1.8 percent decline of the Jakarta Composite Index. However, Morgan Stanley Capital International rebalanced its stock portfolio on Thursday. Ashmore Assets Management said this may have made other foreign investors decide to sell part of their Indonesian stocks too.
On Friday markets are closed in Indonesia for a public holiday. Markets will reopen on Monday.