JCI Plunges Amid MSCI Concerns; These Stocks May Be Worth Watching
Jakarta, CNBC Indonesia — The Jakarta Composite Index (JCI) closed down 11.57% at 5,185.10 on Friday (16 October). Several shares still posted gains, with BYAN up 0.45%, BSWD rising 25.00% and DNET adding 1.81%, making them the leading movers.
The heaviest selling pressure was recorded in BBCA, down 14.81%, BBRI, which fell 14.84%, and BMRI, which slid 14.82%. Foreign investors recorded net sales of Rp3.40 trillion on the regular market and Rp3.35 trillion across all markets.
All 11 sectors listed on the Indonesia Stock Exchange (IDX) ended in negative territory. Basic Industry recorded the steepest decline, falling 13.37%.
Pressure was also felt in the US stock market. The Dow Jones fell 0.34% to 52,002, the S&P 500 declined 1.09% to 7,659, and the Nasdaq slipped 2.15% to 26,140.
The JCI’s movement was also influenced by concerns that MSCI could change Indonesia’s market status to Standalone Market. In response, the IDX and the Financial Services Authority (OJK) changed the lower auto-rejection limit (ARB) to 7.00% from 15.00%, effective until 31 December 2026. Meanwhile, the EIDO ETF and the MSCI Indonesia index fell 14.90% and 14.39%, respectively.
Among listed companies, Merdeka Gold Resources (EMAS) is accelerating development of the Pani Gold Mine through construction of a phase-two Carbon-in-Leach (CIL) processing facility. The facility is designed to be on a scale equivalent to phase one.
Once both facilities have completed commissioning, combined production capacity at the Pani Gold Mine is targeted to increase to around 500,000–700,000 ounces of gold a year, from 250,000–350,000 ounces previously.
The phase-one CIL facility, currently under construction, has processing capacity of 12 million tonnes per annum (Mtpa), with potential to increase to 14.4 Mtpa. Construction is under way in several areas, while some key infrastructure for phase two has been incorporated into the phase-one design to support more efficient development.
Fortune Indonesia (FORU), meanwhile, plans to acquire a 49% stake in Borneo Prima (BP), a metallurgical coal, or coking coal, mining company. The proposed deal would give FORU an opportunity to enter the commodities business through an asset with reserves of around 87.70 million tonnes and resources of about 202 million tonnes, based on JORC 2026 estimates for its Murung Raya concession.
Those reserves and resources are among the factors supporting Borneo Prima’s long-term production outlook. Its coal also has low ash content of around 4%–8% and phosphorus content below 0.005%, making it suitable for coal blending in the steel industry.
Borneo Prima also has access to global steel supply chains through the trading network of IMR Group, which handles more than 30 million tonnes of commodities a year. Its location is also relatively close to major Asian markets, including China and India.
The plan could further diversify FORU’s business into the energy and high-value commodities sectors. However, its contribution to the company’s performance will depend on the execution of production increases and expansion of Borneo Prima’s customer base.
Hartadinata Abadi (HRTA), meanwhile, plans a private placement (PMTHMETD), issuing up to 460.53 million new shares. The shares have a nominal value of Rp100 each and would represent 10% of the company’s issued and paid-up capital.
The private-placement price will be set at no less than 90% of HRTA’s average closing share price over the 25 trading days before the application to list the new shares. Based on the last closing price before the announcement, the company could raise an estimated Rp1.05 trillion.
All proceeds from the corporate action will be used as working capital, particularly to purchase gold raw materials. HRTA has not yet identified a definitive investor.
In terms of capital structure, existing shareholders could face dilution of up to 9.09%. Meanwhile, the pro forma liabilities-to-equity ratio is expected to fall from 2.03 times to 1.59 times.
The private-placement plan will be put to an independent shareholders’ meeting for approval on 16 October 2026. If approved, it may be carried out in one or more stages within a maximum of two years from the date of approval.
Today’s share recommendations:
ENRG — Buy at 860–870 | Target price 880–900 | Stop-loss 805
GOTO — Buy at 23–25 | Target price 26–28 | Stop-loss 21
ACES — Buy at 320–324 | Target price 328–332 | Stop-loss 302
ITMG — Buy at 22,700–22,800 | Target price 22,900–23,000 | Stop-loss 21,500
INTP — Buy at 5,050–5,100 | Target price 5,200–5,300 | Stop-loss 4,830