Jakarta, CNBC Indonesia – Financial markets have fluctuated this week, market players have received a negative feeling coming from inside the country where cases of disease caused by the corona virus (Covid-19) recorded a record high, but the positive ones from outside.
The Composite Stock Price Index (JCI) continued its rally for 9 consecutive weeks after posting earnings of 0.47% to 5,810.483. During that time, JCI’s total shot nearly 18% and was at its highest level since February.
Although it managed to get stronger, foreign investors made net sales of nearly Rp 4 trillion over the past week.
Meanwhile, the rupiah exchange rate weakened 0.11% against the US dollar (US) of Rp.14,085 / US $ this week, ending its ever-weakening performance over the past 9 weeks. The details, strengthened for 8 weeks and a week of stagnation.
Then majority bond prices strengthened, as reflected by product-nya experiencing decay. To know, the movement of the product will be relative to the best of the bond price, when the price goes up, the yield decreases, and vice versa.
Product Tenor one-year State Securities (SBN) rose 0.4 basis points (bps) to 3.801%, product other tenants declined. This means that only SBN’s year 1 tenor weakened, the rest strengthened.
Product Tenor SBN 10 years down 2 bps to 6.198%, and is still near the lowest level since January 2018.
The pressure on financial markets came after Covid-19 cases set a record daily increase of 6,267 cases on Sunday (29/11/2020). Then the record broke again on Thursday (3/12/2020), the number of new cases was recorded at 8,369 people.
In the past two weeks, the average number of cases has also increased to 1.03% per day, compared to the previous two weeks of 0.92% per day.
Covid-19 Treatment Task Force Spokeswoman Professor Wiku Adisasmito said even the additional cases could not be tolerated.
“We can see that we have set new records in the last few days. Previously, we have never reached more than 5,000, but unfortunately positive cases are increasing, even to the day, reaching more than 8,000 cases .This is a very large number and cannot be tolerated. “Said Professor Wiku, at a press conference on Thursday (3/12/2020).
This spike in cases certainly worries investors if Large-Scale Social Constraints (PSBB) are tightened again, which could hamper Indonesia’s economic recovery.
Bad news for the domestic financial market on Monday (7/12/2020) tomorrow, because today’s and yesterday’s Covid-19 outbreaks are over 6,000 people.
Based on data from the Indonesian Ministry of Health on Sunday (6/12/2020) until 12.00 new WIB cases were recorded 6,089, while yesterday there were 6,020 cases.
As a result, there is a risk that the JCI, rupiah and bond markets will weaken on Monday.