Indonesian Stock Market Correction and Key Company Updates

Market Overview

The Indonesian Composite Index (IHSG) closed 0.65% lower at 8,545.87 on Thursday, following a record high earlier in the session. The market saw mixed performance across various sectors, with six out of eleven sectors declining. The property sector led gains with a 1.88% increase, while the non-cyclical sector faced the largest decline at 0.74%.

Sector Performance and Trading Activity

Stocks such as CUAN (+7.95%), BRPT (+2.56%), and MPRO (+12.81%) were among the top gainers, while TLKM (-4.03%), BMRI (-3.28%), and DSSA (-3.2%) experienced significant selling pressure. Foreign investors recorded a net sell of Rp 884.36 billion in the regular market, with total net sales across all markets reaching Rp 283.93 billion.

Company Updates

Indika Energy (INDY)

Indika Energy is exploring additional banking credit facilities to strengthen funding for its Awak Mas gold mining project in South Sulawesi. The project had previously secured USD 375 million in financing from four banks in June 2025. Over 50% of INDY's 2026 capital expenditure budget will be allocated to developing the Awak Mas mine, which is expected to commence commercial operations in Q1 2027. This forms part of INDY's strategy to increase non-coal revenue to 50% by 2028.

Jaya Sukses Makmur Sentosa (RISE)

RISE has obtained shareholder approval to proceed with a rights issue offering up to 1.33 billion new shares at Rp 100 per share. If fully subscribed, this would increase the company's outstanding shares to 12.27 billion from 10.94 billion currently. The funds raised will be directed towards several strategic projects, including Tanrise City in Bandung and Sidoarjo, an industrial estate in Banjarbaru, and the Resor Taman Dayu development. This move is part of RISE's long-term strategy to expand its recurring revenue from hospitality and sustainable asset management.

Investment Recommendations

Several stocks were recommended for trading: BWPT (Buy: 165-167, TP: 172-177, SL: 156), INCO (Buy: 3910-3930, TP: 4020-4100, SL: 3700), HUMI (Buy: 152-155, TP: 160-163, SL: 143), FUTR (Buy: 680-690, TP: 705-720, SL: 640), and OILS (Buy: 280-284, TP: 294-300, SL: 264).

Disclaimer

All stock analysis and recommendations are for informational purposes only and do not constitute an offer to buy or sell specific securities. Investment decisions remain with individual investors based on their risk profile and financial objectives.