IHSG Remains Under Pressure, Key Stocks Worth Watching

The Jakarta Composite Index (IHSG) closed down 1.23% at 6,130.19 on Tuesday (26 May), pressured by foreign selling and sentiment ahead of the MSCI index rebalancing effective 1 June 2026. Stocks of PT Telkom Indonesia (Persero) Tbk, PT Barito Renewables Energy Tbk, and PT Barito Pacific Tbk were the main supporters of the index. Conversely, declines in PT Astra International Tbk, PT Bank Rakyat Indonesia (Persero) Tbk, and PT Bank Central Asia Tbk weighed on the IHSG. Foreign investors recorded net selling of approximately Rp1.89 trillion in the regular market and Rp1.60 trillion across all markets. Sectorally, eight out of eleven sectors were in the red, with the industrial sector recording the deepest correction, while the infrastructure sector was the only one to edge higher. Globally, most US stock indices closed higher. The Dow Jones Industrial Average moved relatively flat, while the S&P 500 and Nasdaq continued to rise. However, domestic market pressure is expected to persist as foreign outflows over the past two days reached around Rp3.98 trillion in the regular market. This sentiment was further influenced by expectations of MSCI rebalancing, which could trigger up to $1.16 billion (Rp20.64 trillion) in outflows. The rupiah’s weakening exchange rate also remains a concern for market participants. Meanwhile, PT GoTo Gojek Tokopedia Tbk is set to be frozen in any changes regarding outstanding shares, Foreign Inclusion Factor (FIF), Domestic Inclusion Factor (DIF), constraint factors, and additions or removals from the MSCI index as part of the May 2026 Index Review. MSCI is scheduled to reassess the liquidity of the tech stock during its August 2026 review under the Global Investable Market Indexes (GIMI) methodology. GOTO’s trading liquidity has declined, with shares trading at Rp50 since 13 May 2026. As of 26 May, transaction volume stood at approximately 333 million shares worth Rp16.67 billion, significantly lower than the January-April 2026 average of 4.62 billion shares valued at Rp274.63 billion. In the mining sector, PT Harum Energy Tbk targets coal production of 2-3 million tonnes in 2026. The company also aims to produce and sell nickel in the form of NPI, HG Matte, and MHP at 107,000-117,000 tonnes of metal next year, with nickel ore production projected at 8-10 million wet metric tonnes (wmt). To support this expansion, HRUM has allocated $310 million in capital expenditure. Most of the funds, around $302 million, will be used for ongoing nickel projects, with the remainder for coal business maintenance. As of Q1 2026, capex reached approximately $139 million, mostly for nickel business development. Meanwhile, PT Triputra Agro Persada Tbk declared a cash dividend of Rp180 per share for the 2025 fiscal year, totalling around Rp3.57 trillion. This represents a dividend payout ratio of approximately 96.43% of net profit attributable to the parent company’s shareholders. In 2025, TAPG recorded revenue of Rp11.40 trillion, up 17.9% year-on-year. Net profit attributable to the parent company’s shareholders rose 18.59% to Rp3.70 trillion, with earnings per share increasing to Rp186. The total dividend of Rp180 per share includes an interim dividend of Rp39 per share in August 2025 and Rp50 per share in November 2025. Therefore, the final dividend will be Rp91 per share, or approximately Rp1.81 trillion. At the 26 May close, TAPG shares were at Rp1,495 per share, reflecting a final dividend yield of around 6.09% and a total 2025 fiscal year dividend yield of 12.04%. The ex-dividend date is set for 3 June 2026, with the final dividend payment scheduled for 18 June 2026.