JAKARTA. Jakarta Stock Price Composite Index (JCI) was closed 0.9% or 66.16 index point lower to 7,258.63 yesterday (6/12).

In terms of liquidity, transaction value in Indonesia Stock Exchange (IDX) only totalled IDR 11.78 trillion or equal to USD 735 million, yesterday (17/12). It is much lower than the average transaction value throughout the week, reaching IDR 20.19 trillion or USD 1.27 billion.

Foreign investors were also seen divesting more, thus recording net foreign sell of IDR 621.66 billion, yesterday (17/12).

PT Telkom Indonesia (Persero) Tbk (TLKM) was the Top Laggard, slipping 4.66% in price and resulting in JCI’s decline by 14.59 index points.

Meanwhile, PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) drove JCI up, reporting 1.92% climb in price, thus boosting JCI by 10.36 index points.

In the meantime, JCI’s decline is in line with even decreases across sectoral indices, with property and real estate sector dropping the most, by 2.95%.

Observing the bigger picture, as mentioned by IDNFinancials before, the government had announced VAT increase to 12%, effective on January 1, 2025. This VAT increase is said to be the strategy to reinforce State Budget. However, it was initially said that the VAT would only be imposed on premium goods and services, commonly purchased by middle-up class. (KR/ZH)