Reporter: Tim KONTAN | Editor: Indah Sulistyorini
KONTAN.CO.ID - JAKARTA. Friday’s session closes with Jakarta Composite Index (JCI) at 6,641 up 0.18%. The highest level was at 6,680 in the morning session and touched the lowest level at 6,600.
The turnover reached 10.5 trillion rupiahs 20.7 billion total shares traded. There were 250 advancers and 268 decliners for the day.
According to the RTI data, big caps shares still burdened JCI this week. PT Bank Central Asia Tbk (BBCA) declined by 1.53% to 8,050 with a total transaction value of 967 billion rupiahs. PT Bank Rakyat Indonesia Tbk (BBRI) slightly weakened 20 points to 4,480 with a total transaction value of 602 billion rupiahs.
Other big caps that declined with giant transaction value include PT Telkom Indonesia Tbk (TLKM) (325 billion rupiahs) and PT Bank Mandiri Tbk (BMRI) (491 billion rupiahs). Meanwhile, other big caps that closed green include PT Astra International Tbk/ASII (1.87%), PT Adaro Energy Tbk/ADRO (1.62%), PT Bayan Resources Tbk/BYAN (1.13%), PT Bank Negara Indonesia Tbk/BBNI (0.87%) and PT Unilever Indonesia Tbk/UNVR (0.63%).
Analysts opined that the big caps shares, especially from the banking sector, were sold by the investors because they had reached their peak last October. BBRI had risen by 10% for 6 months but weakened by 10% in the past month. In the past two weeks, the largest banks’ shares in Indonesia only closed green once.
MNC Sekuritas analyst, Tirta Widi Gilang Citradi explains that currently the market is entering the phase of asset rotation and portfolio rebalancing as investors and fund managers exit from big caps and look for other more profitable instruments. Some move to bonds and some others move to big caps that have weakened and been undervalued in the past year. Some others also moved to other countries’ bourses, like China which just implemented relaxation measures for its citizens.
“With this backdrop, the tech sector can be the most fortunate beneficiary because it’s often perceived as undervalued and investors have been eyeing the rise of NASDAQ in the past year as a signal to reenter the tech companies. Our consumer sector is also interesting as it’s considered a defensive sector during turbulence, “ Tirta explained.
PT GoTo Gojek Tokopedia Tbk (GOTO) is one of the beneficiaries of the current situation. After its lock-up expiry, the share price has dropped significantly and now its stock has risen along with NASDAQ rebound. This aligns with the rise of the US tech sector which previously declined by 30.11% in the past year and now rebounded by 6.75% in one week.
“After the effect of post-lock up subsided and NASDAQ got more prospective, investors now focused on the fundamentals and GoTo’s position as the main player in Indonesia’s digital economy,” Tirta said.
Tirta also added that GoTo’s improvement in all its business segments received positive appreciation from the market. The management has made the organization leaner, cut promotion and incentives, increased take-rates, and launched new services with higher margins. “As long as the management is consistent to boost revenue and discipline in doing efficiency, the market will trust that GoTo is on the accelerated path to profitability,” Tirta further explained.
In today's session (13/1/2023), GOTO rose by 8.25% to 105 rupiahs. In the past week, GOTO has risen by 10.53% and 15.38% since year to date.
The rise of GOTO’s share price in the last trading day of the week was also supported by the high trading volume that reached 656 billion rupiahs with 6 billion shares. The share price jump along with the huge transaction volume indicates high interest of investors. From transaction value, GOTO only lost from BBCA that reached 967 billion rupiahs.
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