Indonesian Political, Business & Finance News

Heavy Buying Sends More Than a Dozen State-Owned Shares Higher

| Source: CNBC Translated from Indonesian | Finance
Heavy Buying Sends More Than a Dozen State-Owned Shares Higher
Image: CNBC

Jakarta, CNBC Indonesia – Most shares in state-owned enterprises (SOEs) traded in positive territory today. Stockbit data showed that 19 state-owned companies from sectors including banking, telecommunications, construction and energy ended the session higher.

The gains came amid widespread buying and share buyback programmes at several SOEs.

Refinitiv data showed that shares in several state-owned companies—including Bank Rakyat Indonesia (Persero) Tbk (BBRI), Bank Mandiri (Persero) Tbk (BMRI), Telkom Indonesia (Persero) Tbk (TLKM), Bank Negara Indonesia (Persero) Tbk (BBNI) and Aneka Tambang (ANTM)—helped lift the Jakarta Composite Index (IHSG).

The IHSG ended the session in positive territory at 5,387.91, up 59.54 points, or 1.12%.

The index had opened lower at 5,247.98 and fell sharply during the day, at one point reaching a loss of around 2%. It then reversed course and climbed gradually, touching an intraday high of 5,422.59.

Trading was relatively active, with volume of 331.29 million lots and transaction value of Rp15,313.18 billion, or around Rp15.31 trillion.

The following were the share movements of SOEs at the close:

  • PP Properti Tbk (PPRO) recorded the largest gain, rising 7.14% to Rp15 per share.

  • Jasa Marga (Persero) Tbk (JSMR) rose 5.11%, or Rp120, to Rp2,470 per share.

  • Bank Negara Indonesia (Persero) Tbk (BBNI) gained 4.92%, or Rp160, to Rp3,410 per share.

  • Bank Mandiri (Persero) Tbk (BMRI) rose 4.05%, or Rp150, to Rp3,850 per share.

  • Bank Tabungan Negara (Persero) Tbk (BBTN) gained 3.72%, or Rp35, to Rp975 per share.

  • Bank Rakyat Indonesia (Persero) Tbk (BBRI) rose 3.20%, or Rp90, to Rp2,900 per share.

  • Telkom Indonesia (Persero) Tbk (TLKM) gained 3.77%, or Rp80, to Rp2,200 per share.

  • Aneka Tambang Tbk (ANTM) rose 4.41%, or Rp120, to Rp2,840 per share.

  • Elnusa Tbk (ELSA) gained 4.76%, or Rp30, to Rp660 per share.

  • Perusahaan Gas Negara Tbk (PGAS) rose 2.62%, or Rp35, to Rp1,370 per share.

  • Bukit Asam Tbk (PTBA) gained 2.25%, or Rp70, to Rp3,180 per share.

  • Timah Tbk (TINS) rose 1.59%, or Rp60, to Rp3,840 per share.

  • Pertamina Geothermal Energy Tbk (PGEO) edged up 0.50%, or Rp5, to Rp1,005 per share.

  • Wijaya Karya Beton Tbk (WTON) gained 4.69%, or Rp3, to Rp67 per share.

  • Krakatau Steel (Persero) Tbk (KRAS) rose 3.26%, or Rp6, to Rp190 per share.

  • Semen Indonesia (Persero) Tbk (SMGR) gained 2.99%, or Rp40, to Rp1,380 per share.

  • Semen Baturaja Tbk (SMBR) rose 2.40%, or Rp3, to Rp128 per share.

  • Garuda Indonesia (Persero) Tbk (GIAA) gained 2.38%, or Rp1, to Rp43 per share.

  • Kimia Farma Tbk (KAEF) rose 1.09%, or Rp4, to Rp370 per share.

Bank Mandiri (Persero) Tbk (BMRI) has allocated Rp1.17 trillion for its buyback programme, which runs from 30 April 2026 to 29 April 2027.

Bank Negara Indonesia (Persero) Tbk (BBNI) also has a buyback programme with an allocation of Rp627 billion. It is scheduled to run from 27 July 2026 to 26 October 2026.

Telkom Indonesia (Persero) Tbk is preparing to accelerate its buyback, worth up to Rp4 trillion, which was approved at its annual general meeting on 8 June 2026. The programme remains within its approved 12-month period, from 9 June 2026 to 8 June 2027. As of 19 October 2026, more than Rp3 trillion of the approved allocation remained.

BPI Danantara Indonesia said it had begun investing in the Indonesian stock market amid recent pressure on the IHSG.

Danantara Indonesia Chief Investment Officer Pandu Sjahrir said the current market weakness presented an investment opportunity for the agency.

“As of yesterday and today, we have started buying stocks that we consider effective, and we will continue as long as their prices are attractive and they have good prospects,” Pandu said at a Danantara Indonesia Coffee Morning in Jakarta on Thursday, 22 October 2026.

He said Danantara wanted to increase its holdings in selected SOE shares, taking into account their potential returns and the balance between risk and reward. SOE shares, he said, had sound fundamentals, promising growth prospects and attractive valuations.

He added that the investment had already begun and reflected Danantara’s view of the outlook for state-owned companies listed on the stock market. The focus, he said, remained on company fundamentals and potential returns.

On its approach to deploying funds, Managing Director for Global Relations and Communications Pahala Mansury said the amount set aside would be broadly similar to the funds Danantara had invested previously.

“Our approach to deploying funds is not to pick stocks ourselves. We partner with other parties, who make decisions based on their professional judgement. We carry out a due diligence process,” Pahala said.

View JSON | Print