Indonesia's cement production is likely to fall further in 2020, as a result of Jakarta's second lockdown, according to the Japanese investment bank, Nomura. The bank has cut its 2020 cement production estimates for Indonesia and now expects it to fall 17 per cent YoY.

Halted construction activity could also indicate a longer recovery period for the cement sector. However, investors could take advantage of the pullback in stock prices and accumulate cement stocks before the next recovery cycle, says Nomura.