Despite the strong rally, some analysts are still treating the rebound with caution as outbreak isn’t over.
Still, Indonesian stocks have slumped 21% since the start of the month as virus infections keep rising. “This is only a temporary technical rebound because JCI has dropped by quite a lot recently,” said RHB Sekuritas analyst Michael Wilson Setjoadi. “There are no positive domestic catalysts, with Covid-19 cases continue to rise.”
Indonesia is facing growth prospects that are worse than during the global financial crisis as the pandemic spreads to more regions in the archipelago, prompting authorities to impose partial lockdowns in several regions including capital Jakarta.
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