Former Indonesian education minister Anies Baswedan (C) holds the hand of Gerindra party chief Prabowo Subianto (R) as Baswedan running mate Sandiaga Uno (L) talks to reporters after voting in the Jakarta governor election in Jakarta, Indonesia April 19, 2017. (Reuters Photo/Beawiharta)

JCI Slightly Down After Election, Dragged by Decline in Property Stocks


APRIL 21, 2017

Jakarta. Indonesia's benchmark stock index slightly changed on Thursday (20/04) after quick count data published by pollsters showed incumbent Governor Basuki "Ahok" Tjahaja Purnama has lost in Jakarta's gubernatorial race.

The Jakarta Composite Index was down 0.2 percent to 5,595, after gaining 0.52 percent on Tuesday.


Property, real estate and building construction stocks were the biggest laggard on the day. Decliners beat gainers 213 by 119.

Foreign investors, accounting for 46 percent of the total trade, bought Rp 1.35 trillion ($101.35 million) more in shares than they sold and domestic investors sold Rp 1.3 trillion more in shares than they bought.

Reliance Sekuritas Indonesia equity technical analyst Lanjar Nafi said in a report on Thursday that the high net-buying by foreign investors was not enough to make the JCI post a gain.

He said property sector was down, under pressure by concerns about the developments in a controversial North Jakarta reclamation project, after quick counts indicated that Ahok, who supported it, lost the election.

The gain in the index related to various stocks in the category of miscellaneous industries, led by a heavy-weight stock of Astra International, could not make the broader index close in positive territory, Lanjar said in his report after the market closed.

Stocks Related to Politicians Who Supported Anies-Sandy

Jakarta Governor-elect Anies Baswedan holds the hand of Gerindra party chairman Prabowo Subianto as his running mate Sandiaga Uno talks to reporters after the vote on Wednesday (19/04). (Reuters Photo/Beawiharta)

The declaration of victory by retired general Prabowo Subianto, the chairman of the Great Indonesia Movement Party (Gerindra), which backed Anies and Sandiaga, influenced the stocks related to the pair's supporters.

During a press conference at Rumah Kertanegara, Anies-Sandi's campaign headquarters, in attendance were several prominent businessmen who supported the pair, including Hary Tanoesoedibjo and Aburizal Bakrie.

Shares of Hary's Media Nusantara Citra closed 0.58 percent higher to 1,730 a piece, while shares of his Global Mediacom, the parent company of three free-to-air TV channels, increased by 1.96 percent to Rp 520 a piece.

However, the fortune has not smiled yet upon Bakrie family's crown jewel, thermal coal exporter Bumi Resources. Bumi's shares went down 5.24 percent to Rp 398 per piece.

There was no luck either for companies affiliated with Sandiaga. Shares in a listed company he co-founded, Saratoga Investama Sedaya, remained at 3,600 per piece.

Earlier, analysts predicted that the shares from companies linked to Anies's running mate would rise in a short term.

The rupiah weakened to 13,328 against the greenback on Thursday, compared to 13,299 the day before, according to the Jakarta Inter-Bank Spot Dollar rate, compiled by Bank Indonesia.