IDX Composite Drops 1.51%, Check Today's Stock Recommendations
The Indonesia Composite Index (IHSG) closed lower by 1.51% at the 6,147.86 level in trading on Monday (28/9). Several stocks still recorded gains, with AADI rising 3.33%, IMPC 2’83%, and AMRT 1.92% acting as leading movers. Conversely, GOTO fell 14.00%, AMMN weakened 4.03%, and BRMS corrected 6.06% as lagging movers.
Foreign investors recorded a net sell of Rp259.83 billion in the regular market and Rp1.13 trillion across all markets. Sectorally, nine out of 11 sectors ended in the red zone. The technology sector recorded the deepest decline of 4.46%, while the transportation sector was the highest gainer at 0.47%.
Pressure was also visible in the United States stock exchanges. The Dow Jones fell 0.67% to 51,481, the S&P 500 weakened 0.77% to 7,683, and the Nasdaq corrected 0.92% to the 26,820 level.
In the domestic market, the implementation of the removal of the minimum share price limit of Rp50 also increased trading pressure. GOTO experienced an automatic rejection at the bottom (ARB) and became one of the main weights on the IHSG, contributing -12.84 points with a weight of 1.29% to the index. Meanwhile, the EIDO ETF and MSCI Indonesia indices weakened by 1.08% and 0.97%, respectively.
Regarding corporate actions, PT Merdeka Copper Gold Tbk (MDKA) booked a net profit of USD 101.56 million in the first half of 2026, reversing from a net loss of USD 15.80 million in the same period the previous year. This performance improvement aligns with consolidated revenue growing 64.10% year-on-year to USD 1.40 billion, up from USD 854.60 million. EBITDA also increased by 191% to USD 512 million compared to USD 176 million in the first half of 2025.
This performance was supported by the strengthening of the nickel and gold businesses. Merdeka Battery Materials (MBMA) was the largest EBITDA contributor, supported by increased volume and prices of nickel ore as well as contributions from High-Grade Nickel Matte (HGNM). HGNM sales grew 72% year-on-year, supplemented by contributions from Nickel Pig Iron (NPI) and acid products. Nickel ore production also increased 121% year-on-year to 15.20 million wet metric tons (wmt), while the Merdeka Group’s gold production grew 32% to 66,814 ounces.
Entering the second half of 2026, MDKA targets performance improvements alongside the production ramp-up of the Pani Gold Mine and the commencement of production at HPAL Sulawesi Nickel Cobalt. Meanwhile, the Tujuh Bukit Copper project has entered the feasibility study stage.
Furthermore, PT Aneka Tambang Tbk (ANTM) is strengthening its gold raw material supply through the purchase of 9 tonnes of gold from PT Freeport Indonesia (PTFI) between January and August 20cap26. This purchase is part of an agreement with a capacity of up to 30 tonnes of gold per year with a purity level of 99.99% sourced from PTFI’s Precious Metals Refinery facility in Gresik.
This additional supply supports ANTM’s gold business, which is the company’s main sales contributor. In the first half of 2026, ANTM’s gold sales grew 1.43% year-on-year to Rp50.39 trillion from Rp49.68 trillion. Its contribution reached approximately 80% of the company’s total net sales, which were recorded at Rp62.71 trillion. Meanwhile, gold production from ANTM’s mines was recorded at 433 kilograms. Thus, third-party supply remains a vital part of meeting the company’s gold business raw material needs.
This supply chain strengthening aligns with the development of ANTM’s downstream gold business through the construction of the Gresik Precious Metal Manufacturing Plant. The facility, fully owned by ANTM, is designed to have a capacity of approximately 30 tonnes of 99.99% pure gold per year. The project, with an estimated investment of around Rp1.10 trillion, is currently in the pre-construction stage.
On the other hand, PT United Tractors Tbk (UNTR) is setting an interim cash dividend for the 2026 fiscal year of Rp430 per share, with a total maximum value of up to Rp1.48 trillion. The amount of this interim dividend is equivalent to a dividend payout ratio of 154.56% against the net profit of the first half of 2026. The distribution is being carried out amidst pressure on the company’s profits during the first six months of this year.
In Monday’s (28/9) trading, UNTR shares closed at the level of Rp24,375 per share. With an interim dividend of Rp430 per share, the dividend yield based on the closing price stands at 1.76%. The dividend cum date in the regular and negotiation markets is set for 6 October 2026, while the dividend payment is scheduled for 26 October 2026.
Today’s Stock Recommendations:
AADI - Buy 11550-11600 | TP 11800-11975 | SL 11000
KETR - Buy 990-1000 | TP 1025-1040 | SL 940
AMRT - Buy 1320-1330 | TP 1350-1360 | SL 1260
MEDC - Buy 1480-1490 | TP 1510-1535 | SL 1415
CBRE - Buy 780-790 | TP 805-815 | SL 745