Bisnis.com, JAKARTA – World’s largest asset manager BlackRock Inc. is piling up Indonesia-listed raw material stocks in early 2023 despite the still-sluggish market to start this year.
Although Jakarta Composite Index (JCI) was 0.8 percent higher on Thursday (1/19) closing, the benchmark was still 0,45 percent lower from year-to-date (ytd).
JCI was movement was constrained by tumbling big-cap stocks earlier this year. Among the top laggard through Thursday were PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), PT Adaro Energy Indonesia Tbk (ADRO), and PT Bayan Resources Tbk (BYAN).
Most sectoral indices were still in the red through early 2023. However, the IDX Sector Basic Materials index of raw material stocks saw a 3.74 percent increase ytd.
Head of Equity Trading MNC Sekuritas Medan Frankie Wijoyo Prasetio said the IDX Sector Basic Materials index was the first stock sector to rebound in early when other sectoral indices were contracted.