Indonesian Political, Business & Finance News

Amid Scrutiny of Export SOEs, Foreign Investors Quietly Buy Up Shares

| Source: CNBC Translated from Indonesian | Finance
Amid Scrutiny of Export SOEs, Foreign Investors Quietly Buy Up Shares
Image: CNBC

Jakarta, CNBC Indonesia — Despite foreign investors recording net selling of Rp809.1 billion in the regular market for the week, several shares were targeted by foreign buyers during the trading period of May 18-22, 2026. However, there were two days where foreigners recorded net buys: May 19 with Rp260.1 billion and May 20 at Rp249.2 billion.

Foreign buying was concentrated on commodity- and mineral-based shares amid increased attention on the launch of PT Danantara Sumber Daya Indonesia (DSI), a state-owned enterprise (SOE) dedicated to exports. PT Merdeka Copper Gold Tbk (MDKA) had the largest foreign net buy at Rp691.1 billion, followed by PT Bumi Resources Minerals Tbk (BRMS) at Rp414.3 billion and PT Bumi Resources Tbk (BUMI) at Rp413.1 billion. Foreign investors also heavily purchased shares of PT MD Entertainment Tbk (FILM) worth Rp366.9 billion and PT Alamtri Resources Indonesia Tbk (ADRO) at Rp315.1 billion.

Here is the list of shares with the largest foreign net buys from May 18-22, 2026:

  • PT Merdeka Copper Gold Tbk (MDKA) Rp691.1 billion

  • PT Bumi Resources Minerals Tbk (BRMS) Rp414.3 billion

  • PT Bumi Resources Tbk (BUMI) Rp413.1 billion

  • PT MD Entertainment Tbk (FILM) Rp366.9 billion

  • PT Alamtri Resources Indonesia Tbk (ADRO) Rp315.1 billion

  • PT VKTR Teknologi Mobilitas Tbk (VKTR) Rp272.9 billion

  • PT Vale Indonesia Tbk (INCO) Rp238.4 billion

  • PT Merdeka Battery Materials Tbk (MBMA) Rp229.8 billion

  • PT Lippo Karawaci Tbk (LPKR) Rp210.1 billion

  • PT Energi Mega Persada Tbk (ENRG) Rp210 billion

Meanwhile, the Composite Index (IHSG) plunged 8.35% during the May 18-22 trading week to 6,162.045, making it one of the worst-performing indices in Asia and ASEAN over the past week. According to Indonesia Stock Exchange (BEI) data, market capitalisation fell 10.07% to Rp10.635 trillion from Rp11.825 trillion.

Conglomerate shares owned by Prajogo Pangestu were the main drag on the IHSG last week. PT Chandra Asri Pacific Tbk (TPIA) fell 53.49% to become the biggest laggard with a negative contribution of 47.55 points, followed by PT Dian Swastika Sentosa Tbk (DSSA) down 47.34% and PT Barito Renewables Energy Tbk (BREN) dropping 23.44%.

On the other hand, average daily trading value rose 15.68% to Rp21.77 trillion, while transaction frequency fell 6.5% to 2.36 million trades.

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