Category: Market

Corporate Actions

Pharmaceutical firm Kalbe Farma (KLBF) allocates Rp200-250 billion for developing its digital-based health services such as Klikdokter.com and Kalbestore.com. The Company has hired 35 doctors for working on said digital-based health services.

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Global Market Selloff

World shares skidded further on Thursday and oil prices plunged more than 5% as investors worried the China-Unites States (U.S.) trade spat was turning into a technology cold war between the world’s two largest economies, boosting the dollar and knocking benchmark government debt yields down, Reuters reported.

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Mixed Q1 Results of Feed Producers

Feed producers reported growth in revenues for the first quarter (Q1) of 2019, but growing cost or expenses hit some, so they reported lower bottom line or net profit. Others turned to profit, helped by a gain in foreign exchange (forex) transaction, also a jump in revenue.

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Garuda & Tariff Cap

Flag carrier Garuda Indonesia (GIAA) would suffer huge losses of around US$18 million per month when it applied the upper tariff limit for airline ticket as ruled by the government. Recently, effective 18 May 2019, Transportation ministry changed the lower limit tariff to 35% of the upper limit tariff from earlier 30%.

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Market & Inflamed Trade Tensions

Global stocks were slightly lower on Wednesday (May 22) as investors sought safety in bonds, the Japanese yen and Swiss franc in muted trade amid renewed worries over the U.S.-China spat after reports Washington has another Chinese tech firm in its sights, Reuters reported.

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Market Snapshots

Global equity markets rose on Tuesday (May 21), led by chipmakers and companies exposed to Asia, after the United States temporarily eased trade restrictions imposed on China’s Huawei Technologies, while the dollar rose on a flight to quality, Reuters reported.

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Corporate Actions

Elang Mahkota Teknologi (EMTK), a company controlled by the Sariaatmadja Family, has on May 17, 2019, divested its direct and indirect shares participation in several media companies. It sold 50% shares of PT Kapanlagi Dot Com Networks (KLN) owned by PT Kreatif Media Karya (KMK) to Surya Citra Media (SCMA) for Rp192 billion.

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Corporate Actions

State miner Aneka Tambang (ANTM) will collaborate with two companies from China in developing nickel project, part of its mineral downstream activity. It had signed a head of agreement (HoA) with Shandong Xinhai, the largest ferronickel producer in China. Both parties will develop a nickel project in Gag Island, Papua.

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Budget Draft for 2020

Finance Minister Sri Mulyani Indrawati officially submitted state revenue and expenditure budget draft (RAPBN) for 2020 to House of Representatives (DPR) on Monday (May 20). In the draft, macro assumptions set are not much changed compared to the challenging 2019.

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Market Regains

Domestic investors dominated the buying of local stocks on Monday (May 20) while foreign investors’ net sell softened, so the composite index of the Indonesia Stock Exchange (IDX) gained 1.38% to close at 5907. The index regained from significant correction (6.16% fall) last week.

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Improved Q1 Results of Medco

Oil and gas firm Medco Energi Internasional (MEDC) booked profit attributable to the parent company of US$28.05 million in the first quarter (Q1) of 2019, grew 29.68% from US$21.63 million in the same period of 2018.

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Corporate Actions: Astra Acquires JSM

Astra International (ASII), through PT Astra Tol Nusantara, officially acquired 44.5% shares of PT Jasamarga Surabaya Mojokerto (JSM), the concession holder of the Surabaya-Mojokerto toll road, to strengthen the investment portfolio in the Trans Java toll road.

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