JCI Soars 3.17% in a Week, Led by Five Big-Cap Stocks
Main Takeaways
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JAKARTA, Investortrust.id — Indonesia’s benchmark stock index has surged to its highest level in nearly nine months, lifted by strong gains in several large-cap stocks. The Jakarta Composite Index (JCI) rallied 3.17% over the past week to close at 7,543.50, its highest level since Friday, Nov. 1, 2024, bringing it closer to its all-time high of 7,788.
The index rose in four out of five trading days this week, adding 231.58 points. The market capitalization of the Indonesia Stock Exchange (IDX) jumped to Rp 13,519 trillion ($826.5 billion), with average daily turnover reaching Rp 16.09 trillion ($983 million).
The week’s rally was driven by sharp gains in five heavyweight stocks: shares of data center operator PT DCI Indonesia Tbk (DCII) surged 41.52% to Rp 346,725; PT Sinarmas Multiartha Tbk (SMMA) climbed 43.9% to Rp 22,700; and PT Cakra Buana Resources Energi Tbk (CDIA) soared 70.7% to Rp 1,665. Industrial conglomerate PT Barito Pacific Tbk (BRPT) rose 9.73% to Rp 2,480, while automotive giant PT Astra International Tbk (ASII) gained 5.26% to Rp 5,000.
In contrast, major drags on the index included renewable energy firm PT Barito Renewables Energy Tbk (BREN), which fell 4.38% to Rp 7,650; PT Petrindo Jaya Kreasi Tbk (CUAN), down 7.55% to Rp 1,530; and state-owned lender PT Bank Mandiri Tbk (BMRI), which slipped 1.05% to Rp 4,690. Chemical producer PT Chandra Asri Pacific Tbk (TPIA) and nickel miner PT Merdeka Battery Materials Tbk (MBMA) also weakened, dropping 1.86% and 9.09% respectively.
Tech and Infrastructure Outperform
Sectoral gains were led by technology stocks, which surged 14.41%, followed by infrastructure with a 7.20% increase and the industrial sector with 6.20%. Only two sectors saw declines: energy fell 0.45% and transportation edged down 0.02%.
On Friday, the JCI rose modestly by 12.6 points or 0.17%, supported by a rebound in several major sectors. The financial sector advanced 1.66%, infrastructure added 1.29%, basic materials climbed 0.88%, industry rose 0.75%, and property gained 0.46%. Meanwhile, healthcare, transportation, and non-primary consumer goods sectors posted losses.
Several mid-cap stocks hit their daily upper trading limits on Friday, including PT Citra Putra Realty Tbk (CLAY), up 25% to Rp 925; PT Pinago Utama Tbk (PNGO), up 24.74% to Rp 2,370; PT Fuji Finance Indonesia Tbk (FUJI), up 24.62% to Rp 496; and SMMA, which continued its rally with a 19.95% gain to Rp 22,700. Hospitality firm PT Bukit Uluwatu Villa Tbk (BUVA) also jumped 20.91% to Rp 133.
Foreign Outflows Persist
Despite the strong domestic rally, foreign investors remained net sellers for the week, booking Rp 134.79 billion ($8.2 million) in outflows. However, this marked a significant drop from the previous week’s net sell figure of Rp 1.63 trillion ($99.6 million).
The largest foreign outflows were recorded in PT Bank Central Asia Tbk (BBCA), with Rp 802.40 billion sold, followed by BMRI at Rp 567.57 billion, PT Aneka Tambang Tbk (ANTM) at Rp 210.48 billion, PT Surya Semesta Internusa Tbk (SSIA) at Rp 179.06 billion, and PT Nusantara Sawit Sejahtera Tbk (NSSS) at Rp 175.24 billion.
On the flip side, several stocks attracted strong foreign interest, including ASII with Rp 567.16 billion in net buys, PT Bank Rakyat Indonesia Tbk (BBRI) at Rp 401.40 billion, telecommunications firm PT Telkom Indonesia Tbk (TLKM) at Rp 336.03 billion, tech firm PT GoTo Gojek Tokopedia Tbk (GOTO) at Rp 217.52 billion, and heavy equipment distributor PT United Tractors Tbk (UNTR) at Rp 197.15 billion.
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