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No major gains seen for Indonesian stocks despite records elsewhere
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Subdued sentiment: People are reflected on a screen displaying Indonesian share prices at Mandiri Plaza in Jakarta on Sept. 23. (Antara/Rosa Panggabean)
B
etween positive sentiment in foreign markets on the one hand and concern over domestic economic growth on the other, Indonesian stocks are expected to make no major moves this week.
Investors will pay close attention to daily COVID-19 tolls, which have prompted the government to restrict travel and business activity.
Central Capital Futures analyst Wahyu Laksono said the Indonesia Composite index, the main gauge of the Indonesia Stock Exchange (IDX), was expected to hover between 5,900 and 6,150 this week. He said that trend was in line with stocks in other emerging markets that had yet to see any significant movement.
Last week, the index closed at 6,039.84 points, inching up 0.28 percent from the preceding week, according to bourse data. The average daily trade value was Rp 11.80 trillion, up 4.51 percent on the week.
Meanwhile, foreign investors sold Rp 23 billion worth of stocks more than they bought in the course of the week.
“The [IDX Composite] is likely to be stuck around 6,000. This is not really good, because the global market currently has good momentum. Wall Street has repeatedly seen record-breaking positions,” Wahyu told The Jakarta Post on Monday.
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