Indonesian Market Gains Momentum on Energy and Blue-Chip Stocks

Market Overview

The Indonesian Composite Index (IHSG) closed 0.42% higher at 8,645.84 on December 22, supported by significant gains in energy stocks and large-cap companies. BUMI led the gains with a 14.53% surge, while BBCA rose 1.55%. The energy sector recorded the highest gain among all sectors at 2.50%.

Notable Company Developments

ELPI Secures Major Contract

PT Pelayaran Nasional Ekalya Purnamasari Tbk (ELPI) has secured a substantial Rp2.39 trillion contract to provide ship chartering services for the Genting FLNG project in Teluk Bintuni, Papua Barat. The contract spans 18 years following an initial 18-month preparation period. ELPI will deploy six new vessels, including one Crew Boat, one Pilot Boat, one Offshore Support Vessel (OSV), and three Multi-Purpose Tugs. The project will be financed through internal cash and bank loans, potentially increasing the company's liabilities. Revenue from the charter is expected to materialize in H2 2027 at the earliest.

BMRI Announces Interim Dividend

PT Bank Mandiri (Persero) Tbk (BMRI) has declared an interim dividend of Rp100 per share for approximately 93.33 billion outstanding shares, totaling between Rp9.00 trillion and Rp9.32 trillion. This distribution represents a 22.5% payout ratio based on the company's Rp41.37 trillion net profit for the first nine months of 2025. As of September 2025, BMRI's retained earnings stood at Rp214.27 trillion. The dividend is scheduled for payment on January 14, 2026, following the cum dividend date on January 5, 2026.

Market Dynamics

Foreign investors recorded a net purchase of Rp779.51 billion in the regular market, which expanded to Rp1.34 trillion across all markets. Six of the eleven sectors closed in positive territory, with the technology sector being the sole decliner, dropping 2.89%. The strong foreign investor activity underscores continued confidence in Indonesia's capital markets despite global economic uncertainties.