DIGIVESTASI - Domestic political turmoil has impacted the movement of the Jakarta Composite Index (IHSG), particularly following the large-scale demonstration on August 22. The demonstration was held in response to the proposed revision of the Regional Election Law (UU Pilkada) after the Constitutional Court (MK) approved a petition regarding the party vote threshold for gubernatorial nominations.

On Thursday (August 22, 2023), during the demonstration, the IHSG closed down 0.87% at 7,488.68, after having strengthened for four consecutive days. However, by the close of trading on Friday (August 23, 2024), the IHSG rebounded, gaining 0.74% to 7,544.3, breaking through the psychological level of 7,500 once again.

The IHSG's transaction value at the close of trading on Thursday reached approximately IDR 38 trillion, with a trading volume of 18 billion shares and a total of 1.1 million transactions. A total of 194 stocks rose, 389 stocks declined, and 202 stocks remained stable.

Several sectors that pressured the IHSG included infrastructure, which fell 1.5%; technology, down 1.4%; transportation, down 1.23%; and finance, down 1.19%.

Amid the ongoing demonstrations, foreign investors recorded a net foreign buy of IDR 1.26 trillion across all markets. Specifically, IDR 1.59 trillion was in the regular market, while a net foreign sell of IDR 328.03 billion occurred in the negotiated and cash markets.

Foreign investors targeted stocks such as BBRI, ASII, BBCA, as well as consumer sector stocks like INDF. However, several stocks also saw net foreign sell by foreign investors.

The stock with the highest net foreign sell value in yesterday’s trading was Bank Negara Indonesia (BBNI), with a net sell of IDR 50.6 billion. This was followed by Media Nusantara Citra (MNCN) at IDR 23.9 billion and Bank KB Bukopin (BBKP) at IDR 19.8 billion.

Here are the top 10 stocks with the largest net foreign sell on August 22, 2024, according to RTI Business data:

1. Bank Negara Indonesia (BBNI) - IDR 50.6 billion
2. Media Nusantara Citra (MNCN) - IDR 23.9 billion
3. Bank KB Bukopin (BBKP) - IDR 19.8 billion
4. Unilever Indonesia (UNVR) - IDR 15 billion
5. Merdeka Battery Materials (MBMA) - IDR 13.7 billion
6. Tempo Scan Pacific (TSPC) - IDR 10.3 billion
7. Mitra Adiperkasa (MAPI) - IDR 9.3 billion
8. Indosat (ISAT) - IDR 8 billion
9. Semen Indonesia (SMGR) - IDR 5.4 billion
10. Surya Citra Media (SCMA) - IDR 4.6 billion.

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