JAKARTA - The profit taking action of cement stocks pushed the Indonesian Composite Index (ICI) to decline 0.55% in the first trade session, following Finance Minister Sri Mulyani Indrawati’s statement that cement import will not be restricted amid the surplus of domestic cement supply.
The ICI was closed at 5,819.31 due to cement stocks burdening the index by 0.55%. PT Indocement Tunggal Prakasa Tbk (INTP) stock price fell 3.12% to Rp 17,050 per share. INTP had been traded 1,185 times with a transaction volume of 698 thousand shares, and a total transaction of Rp 12.03 billion.
PT Semen Indonesia Tbk (SMGR) stock price dropped 2.79% to Rp 8,725 per share. SMGR had been traded 1,178 times with a transaction volume of 2.25 million shares, and a total transaction of Rp 19.64 billion.
PT Semen Baturaja Tbk (SMBR) fell 1.53% to Rp 2,580 times. SMBR had been traded 46 times with a transaction volume of 26 thousand times, and a total transaction of Rp 67.77 million.
The government has not decided whether to issue a moratorium on new cement factories or not. Based on the 2018 industrial data, Indonesia has a surplus of 30 million tonnes. (AM/MS)