Sluggish Car Sales Weaken Astra's Stock Price

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Adi Ahdiat 11/07/2024 17:14 WIB

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PT Astra International Tbk (ASII) share prices have weakened over the past year, in line with the sluggish national car sales.

PT Astra International Tbk/ASII Stock Price (July 11, 2023 - July 11, 2024)

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PT Astra International Tbk/ASII Stock Price (July 11, 2023 - July 11, 2024)

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PT Astra International Tbk (ASII) reports sluggish car sales this year, lower than last year's achievement.

"Considering the weakening purchasing power and national car sales performance up to June, it seems difficult to surpass 2023's results," said ASII Head of Investor Relations Tira Ardianti, as reported by *Bisnis.com* on Wednesday (July 10, 2024).

During the first half of 2024, ASII recorded sales of 231,700 car units, down 16.59% compared to the first half of last year, which reached 277,900 units.

In line with this, ASII's share price has also fallen.

Based on data from *Yahoo Finance*, at the end of trading on Thursday (July 11, 2024), ASII's share price closed at Rp4,510.

This figure is down 20.88% year-to-date and down 33.68% year-on-year.

According to market analyst Miftahul Khaer from Kiwoom Sekuritas, ASII's stock this year could be affected by the sentiment of declining car sales, rising interest rates, and global and geopolitical economic uncertainty.

On the other hand, he believes that the increasing demand for electric vehicles has the potential to positively impact ASII's performance.

"ASII's share price still has the potential to move sideways," said Miftahul, as reported by *Katadata* on Thursday (July 11, 2024).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."