Along with the influx of foreign investors, rising commodity prices, and a current account surplus, the Composite Stock Price Index (IHSG) rose to a high record on Friday (18/2/2022).
At the end of session II at 15.00 WIB, the IHSG closed up 0.84 percent or 57.7 points to a level of 6,892.82. Throughout the session, the index moved in the range of 6,812.36-6,899.41. The level of 6,899.41 is the highest position in history.
Then, the total transactions before closing reached Rp11.68 trillion with a market capitalization of Rp8,727.08 trillion. Foreign investors tended to enter with a net buy of IDR 738.08 billion.
Furthermore, the shares of ARTO, BBRI, ASII, TLKM, BMRI were the most bought by foreign investors with net buys of Rp. 132.8 billion, Rp. 100 billion, Rp. 65.4 billion, Rp. 59.8 billion, and Rp. 52.4 billion.
Although the pressure from global stock market volatility is still felt, Raphon Prima, Head of Research at PT Surya Fajar Sekuritas, said that today there is potential for the IHSG to move higher.
This is because foreign investors continued to book net buy positions even though the IHSG weakened yesterday.
“Today the market is waiting for the release of the current account balance data for the fourth quarter of 2021,” he explained, quoted from research publications.
Meanwhile, Bank Indonesia reported that the current account in 2021 posted a surplus of US$3.3 billion or 0.3 percent of GDP, after recording a deficit in 2020 of US$4.4 billion or 0.4 percent of GDP. This is the first cumulative surplus since 2011. In 2011, Indonesia recorded a current account surplus of up to US$2.07 billion.
This is special for the IHSG in achieving a high record. Head of Equity Trading MNC Sekuritas Medan Frankie Wijoyo Prasetio said the IHSG is still able to touch a high record during these difficult unpredicted situations, starting from the spike in daily Covid-19 cases, tensions between Ukraine and Russia, and also the anticipation of the Fed’s interest rate hike.
Furthermore, according to him, the most traded stocks are dominated by the commodity sector, such as ANTM, INCO, TINS, ADRO. Then also from the banking sector, namely ARTO, BBRI, BBCA, and BMRI. And for other sectors, there are KPIG, ASII, and TLKM.
Then, Frankie added that the main sentiment to boost the IHSG’s performance itself came from the commodity sector, especially CPO with continued increases.
He explained, “With the continued increase in CPO prices and limited supply as well as a decrease in CPO import taxes by India, it has played a major role in lifting CPO stocks such as LSIP, DSNG, and AALI.”