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The Jakarta Composite Index (IHSG) closed higher on Friday (10/7), rising 0.20% to 5,924.36. The index’s strengthening was supported by shares of CASA, BMRI, and AMMN, which were the main contributors, while BREN, ASII, and TLKM weighed on the IHSG’s movement. Foreign investors recorded a net sell of Rp288.50 billion in the regular market and Rp421.51 billion across all markets. On a sectoral basis, eight out of eleven sectors ended trading in positive territory, led by the energy sector which rose 0.91%, while the industrial sector experienced the deepest decline of 0.48%.
In global markets, major Wall Street indices also closed higher. The Dow Jones rose 0.29%, the S&P 500 gained 0.42%, and the Nasdaq added 0.29%.
Domestically, primary market activity remains in the spotlight after six issuers that listed on the exchange the previous week received a positive response from investors, with an average oversubscription rate of 40.5 times. The Indonesia Stock Exchange (IDX) also reported that there are still four prospective issuers in the initial public offering (IPO) pipeline for the second half of 2026. In line with this development, the EIDO ETF strengthened by 0.42%, while the MSCI Indonesia index moved relatively stable with a slight increase of 0.04%.
In corporate actions, Medco Energi Internasional (MEDC) is preparing to drill four new exploration wells in the third quarter of 2026, with a total budget of approximately US$54.5 million. The activities will be focused on the Corridor Block, the Madura Offshore Block, and the South Sumatra Block. The company has completed site preparation for the Rebonjaro Dalam-3 well in the Corridor Block, with an estimated cost of US$28 million. Meanwhile, drilling of the MS2-2 Appraisal Well in the Madura Offshore Block is scheduled to begin in August 2026 after a survey is completed in the second quarter of 2026, requiring funds of around US$16.5 million. MEDC is also preparing to drill the Lotus-1 well in the South Sumatra Block, with an estimated cost of US$5 million. This exploration series is part of efforts to support a production target of 165,000–170,000 BOEPD in 2026, with proven and probable reserves (2P) of 564 million BOE and a reserve life index of approximately 11.4 years.
Furthermore, Astra International (ASII) recorded wholesale car sales of 222,371 units in the first half of 2026, a 10% increase compared to the same period the previous year. In June 2026 alone, sales reached 40,235 units, growing 37% year-on-year and 4% month-on-month. The company’s market share has also exceeded 50% since May 2026, partly supported by the launch of the New Toyota Veloz Hybrid. On a national scale, car sales reached 436,567 units in the first half of 2026, a 16% increase year-on-year, equivalent to around 51% of the national vehicle sales target of 850,000 units set by Gaikindo for 2026.
Meanwhile, Asuransi Harta Aman Pratama (AHAP) plans to conduct a Rights Issue V by issuing a maximum of 3.5 billion new shares at an exercise price of Rp50 per share. If all shares are absorbed, the company could potentially raise up to Rp175 billion, which will be used as working capital to meet the minimum equity requirement for insurance companies of Rp250 billion, in accordance with OJK regulations effective no later than 31 December 2026. The rights issue ratio is set at 7:5, meaning shareholders who do not exercise their rights could face a maximum dilution of 41.67%. There is no standby buyer for this corporate action, but Asuransi Central Asia has stated its commitment to exercise its full entitlement. Trading of the rights is scheduled to take place from 28 September to 2 October 2026.
Stock Recommendations Today
ADRO: Buy at 2360-2380, Target Price 2410-2460, Stop Loss 2260
CYBR: Buy at 590-600, Target Price 610-620, Stop Loss 570
ELSA: Buy at 640-650, Target Price 660-675, Stop Loss 610
LSIP: Buy at 1280-1290, Target Price 1305-1330, Stop Loss 1220
DEWA: Buy at 330-334, Target Price 340-348, Stop Loss 312