JAKARTA. The shares of PT Ace Hardware Indonesia Tbk (ACES) and PT XL Axiata Tbk (EXCL) are now included in the index of PT Morgan Stanley Capital International (MSCI).
M. Nafan Aji Gusta Utama, analyst at Binaartha Sekuritas, said that this would be a positive sentiment on the prices of ACES and EXCL shares. However, he said that the financial performance of the two companies will remain a consideration for investors to purchase ACES and EXCL shares.
"The increase in share prices will depend on the fundamental performance of the issuer," Nafan explained as reported by Kontan on Sunday (10/11) yesterday.
During 9M 2019, Nafan assessed that EXCL's fundamental performance was still quite positive. Its revenue growth reached 10.83% year on year (YoY). Meanwhile, ACES' sales grew by 15.28% to Rp 5.86 trillion during the third quarter of 2019. (KR/AR)