IHSG remains in the red over COVID-19, economic concerns

IHSG remains in the red over COVID-19, economic concerns

Illustration - A screen shows the movement of stocks at the Indonesia Stock Exchange in Jakarta. The BEI index closed 9.06 points lower at 4,870.04 on Wednesday (September 30, 2020). (ANTARA FOTO/M Risyal Hidayat/aww. (ANTARA FOTO/M RISYAL HIDAYAT)

The IHSG weakened due to the second wave of COVID-19 cases raising concerns over the imposition of the lockdown policy and the certainty of Indonesian economic recession (when the country) announces the third-quarter GDP (gross domestic product data)
Jakarta (ANTARA) - The Jakarta Composite Index (IHSG) closed in the red for the third day in a row on Wednesday as concerns over the second wave of coronavirus cases and a looming recession weighed on market sentiment.

The index of the Indonesian Stock Exchange (BEI) closed 9.06 points lower, or down 0.19 percent, at 4,870.04, while the index of the 45 most liquid stocks (LQ45) fell 5.22 points, or 0.7 percent, to 737.15.

“The IHSG weakened due to the second wave of COVID-19 cases raising concerns over the imposition of the lockdown policy and the certainty of Indonesian economic recession (when the country) announces the third-quarter GDP (gross domestic product data) in November this year,” Bina Artha Sekuritas analyst M. Nafan Aji Gusta noted on Monday.

After opening higher on Wednesday, the IHSG stayed in the green in the first hour and then moved in the red until the close of trade.

Stocks in five sectors recorded a correction, with the miscellaneous industry sector deepening its fall by 1.7 percent, followed by the infrastructure sector and the financial sector, which declined 1.29 percent and 0.92 percent, respectively.

Meanwhile, stocks in five other sectors rose, led by the basic industry sector, which climbed 1.86 percent, followed by the agricultural sector and the trade sectors, which moved up by 1.34 percent and 1.31 percent, respectively.

Wednesday's trade posted net foreign sales of Rp481.72 billion.

A total of 630,690 transactions were recorded on Wednesday, with 11.49 billion shares, worth Rp7.04 trillion, changing hands. Meanwhile, 196 shares rose, 217 shares fell, and 161 shares remained unchanged.

In regional markets, the Nikkei Index lost 353.98 points, or 1.5 percent, to reach 23,185.12; the Hang Seng Index tumbled 183.52 points, or 0.79 percent, to 23,459.05; and, the Straits Times Index weakened 0.94 point, or 0.04 percent, to touch 2,470.67.

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