Jakarta, CNBC Indonesia \u2014 The Jakarta Composite Index (JCI) closed\ndown 11.57% at 5,185.10 on Friday (16 October). Several shares still\nposted gains, with BYAN up 0.45%, BSWD rising 25.00% and DNET adding\n1.81%, making them the leading movers.<\/p>\n
The heaviest selling pressure was recorded in BBCA, down 14.81%,\nBBRI, which fell 14.84%, and BMRI, which slid 14.82%. Foreign investors\nrecorded net sales of Rp3.40 trillion on the regular market and Rp3.35\ntrillion across all markets.<\/p>\n
All 11 sectors listed on the Indonesia Stock Exchange (IDX) ended in\nnegative territory. Basic Industry recorded the steepest decline,\nfalling 13.37%.<\/p>\n
Pressure was also felt in the US stock market. The Dow Jones fell\n0.34% to 52,002, the S&P 500 declined 1.09% to 7,659, and the Nasdaq\nslipped 2.15% to 26,140.<\/p>\n
The JCI\u2019s movement was also influenced by concerns that MSCI could\nchange Indonesia\u2019s market status to Standalone Market. In response, the\nIDX and the Financial Services Authority (OJK) changed the lower\nauto-rejection limit (ARB) to 7.00% from 15.00%, effective until 31\nDecember 2026. Meanwhile, the EIDO ETF and the MSCI Indonesia index fell\n14.90% and 14.39%, respectively.<\/p>\n
Among listed companies, Merdeka Gold Resources (EMAS) is accelerating\ndevelopment of the Pani Gold Mine through construction of a phase-two\nCarbon-in-Leach (CIL) processing facility. The facility is designed to\nbe on a scale equivalent to phase one.<\/p>\n
Once both facilities have completed commissioning, combined\nproduction capacity at the Pani Gold Mine is targeted to increase to\naround 500,000\u2013700,000 ounces of gold a year, from 250,000\u2013350,000\nounces previously.<\/p>\n
The phase-one CIL facility, currently under construction, has\nprocessing capacity of 12 million tonnes per annum (Mtpa), with\npotential to increase to 14.4 Mtpa. Construction is under way in several\nareas, while some key infrastructure for phase two has been incorporated\ninto the phase-one design to support more efficient development.<\/p>\n
Fortune Indonesia (FORU), meanwhile, plans to acquire a 49% stake in\nBorneo Prima (BP), a metallurgical coal, or coking coal, mining company.\nThe proposed deal would give FORU an opportunity to enter the\ncommodities business through an asset with reserves of around 87.70\nmillion tonnes and resources of about 202 million tonnes, based on JORC\n2026 estimates for its Murung Raya concession.<\/p>\n
Those reserves and resources are among the factors supporting Borneo\nPrima\u2019s long-term production outlook. Its coal also has low ash content\nof around 4%\u20138% and phosphorus content below 0.005%, making it suitable\nfor coal blending in the steel industry.<\/p>\n
Borneo Prima also has access to global steel supply chains through\nthe trading network of IMR Group, which handles more than 30 million\ntonnes of commodities a year. Its location is also relatively close to\nmajor Asian markets, including China and India.<\/p>\n
The plan could further diversify FORU\u2019s business into the energy and\nhigh-value commodities sectors. However, its contribution to the\ncompany\u2019s performance will depend on the execution of production\nincreases and expansion of Borneo Prima\u2019s customer base.<\/p>\n
Hartadinata Abadi (HRTA), meanwhile, plans a private placement\n(PMTHMETD), issuing up to 460.53 million new shares. The shares have a\nnominal value of Rp100 each and would represent 10% of the company\u2019s\nissued and paid-up capital.<\/p>\n
The private-placement price will be set at no less than 90% of HRTA\u2019s\naverage closing share price over the 25 trading days before the\napplication to list the new shares. Based on the last closing price\nbefore the announcement, the company could raise an estimated Rp1.05\ntrillion.<\/p>\n
All proceeds from the corporate action will be used as working\ncapital, particularly to purchase gold raw materials. HRTA has not yet\nidentified a definitive investor.<\/p>\n
In terms of capital structure, existing shareholders could face\ndilution of up to 9.09%. Meanwhile, the pro forma liabilities-to-equity\nratio is expected to fall from 2.03 times to 1.59 times.<\/p>\n
The private-placement plan will be put to an independent\nshareholders\u2019 meeting for approval on 16 October 2026. If approved, it\nmay be carried out in one or more stages within a maximum of two years\nfrom the date of approval.<\/p>\n
Today\u2019s share recommendations:<\/p>\n
ENRG \u2014 Buy at 860\u2013870 | Target price 880\u2013900 | Stop-loss 805<\/p>\n
GOTO \u2014 Buy at 23\u201325 | Target price 26\u201328 | Stop-loss 21<\/p>\n
ACES \u2014 Buy at 320\u2013324 | Target price 328\u2013332 | Stop-loss 302<\/p>\n
ITMG \u2014 Buy at 22,700\u201322,800 | Target price 22,900\u201323,000 | Stop-loss\n21,500<\/p>\n
INTP \u2014 Buy at 5,050\u20135,100 | Target price 5,200\u20135,300 | Stop-loss\n4,830<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/jci-plunges-amid-msci-concerns-these-stocks-may-be-worth-watching-1792378230", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }