Commodity Stocks Plunge Today: Short-Term or Long-Term Sentiment?

Jakarta. CNBC Indonesia — Shares of nickel mining issuers fell uniformly in today’s trading. The weakening affected several nickel sector stocks, from mining companies and mineral processing to battery materials.

MNC Sekuritas analyst Herditya stated that the fall in mining stocks into the red zone was due to the government’s proposed plan to raise mining royalties through revisions to PP 19/2025 to boost state revenues.

“We estimate (the impact) to be quite significant with an average increase of 3-10% that will pressure the margins of the relevant issuers,” he told CNBC Indonesia on Friday (8/5/2026).

Even after falling today, he continued, commodity stocks remain prone to corrections, although there is a chance of limited strengthening.

“For how long or not, from a technical perspective, we estimate there is a chance of limited strengthening first, followed by continued vulnerability to corrections,” he said.

Meanwhile, Doo Financial Futures analyst Lukman Leong said the decline in mining stocks today was generally triggered by market concerns over free float issues and potential MSCI index adjustments.

“(That sentiment) makes foreign investors tend to reduce exposure to stocks with large market capitalisation but relatively limited public ownership,” he explained.

According to him, market players are also anticipating potential foreign fund outflows if there are changes in the weighting or status of some Indonesian stocks in global indices. “This sentiment has triggered significant selling actions, especially in mining, energy, and conglomerate group stocks that had previously risen significantly,” he added.

In addition, global sentiment is also tending towards risk-off today, due to rising geopolitical tensions and concerns over a global economic slowdown, so investors are avoiding risky assets in emerging markets, including Indonesia.

“Mining stocks like nickel and copper are also pressured by concerns over oversupply and weakening prices of certain commodities; technical factors like profit-taking have also amplified the decline,” he concluded.

For information, PT Aneka Tambang Tbk. (ANTM) fell 3.09% to 3,760 or weakened by 120 points. Meanwhile, shares of PT Central Omega Resources Tbk. (DKFT) corrected more deeply by 5.66% to 750 or down 45 points.

The weakening was also experienced by PT Ifishdeco Tbk. (IFSH), which dropped 4.61% to 2,070.

The biggest selling pressure occurred on shares of PT Vale Indonesia Tbk. (INCO), which plunged 11.11% or down 700 points to 5,600.

In addition, shares of PT Merdeka Battery Materials Tbk. (MBMA) also weakened significantly by 9.16% to 595. Shares of PT Sinar Terang Mandiri Tbk. (MINE) were recorded to fall slightly by 0.58% to 340, and PT Trimegah Bangun Persada Tbk. (NCKL) weakened 7.24% to 1,025.