JCI Remains Volatile, These Stocks Are Worth Watching

The Jakarta Composite Index (JCI) closed down 0.89% at 6,130.59 on Tuesday’s trading (28/7). Amid this pressure, shares of ASII strengthened 1.22%, BYAN rose 0.62%, and AMRT gained 2.29%, becoming the main supports for the index. Conversely, MPRO’s decline of 14.90%, BBCA’s drop of 1.19%, and BMRI’s correction of 1.44% weighed on the JCI. Foreign investor activity recorded a net sell of Rp788.57 billion in the regular market and Rp1.07 trillion across all markets. Sectorally, 10 out of 11 sectors ended in the red, led by the property sector’s 3.25% decline. Meanwhile, the non-cyclical sector was the only one to strengthen, rising 0.52%. In global markets, US stock exchanges closed mixed. The Dow Jones rose 1.03% to 52,747 and the S&P 500 gained 0.21% to 7,428, while the Nasdaq fell 0.22% to 24,876. Market participants also monitored the release of first-half 2026 financial reports, which prompted a wait-and-see attitude, reflected in the weakening of the EIDO ETF by 0.82% and the MSCI Indonesia by 0.89%. In corporate actions, PT ESSA Industries Indonesia Tbk. (ESSA) posted revenue of US$186.48 million in the first half of 2026, a 35.53% increase from US$137.59 million in the same period last year. Profit attributable to owners of the parent entity surged 103.27% to US$30.17 million from US$14.84 million. The improved performance was supported by a 72.51% increase in gross profit to US$65.57 million and a 48.98% rise in EBITDA to US$73 million. The company also recorded a roughly 70% increase in the realised selling price of ammonia to US$531 per metric ton, boosting ammonia segment revenue by 43.19% to US$166.26 million, despite production volumes being temporarily affected by turnaround maintenance. PT Indosat Tbk. (ISAT) recorded revenue of Rp30.65 trillion in the first half of 2026, a 13.10% increase from Rp27.10 trillion in the same period last year. This growth was supported by cellular revenue, which rose 12.20% to Rp25.53 trillion and contributed around 83.3% to total revenue. The Multimedia, Data Communication, and Internet (MIDI) segment also grew 18.50% to Rp4.69 trillion, while telecommunications revenue increased 8.40% to Rp431.90 billion. Net profit attributable to owners of the parent entity surged 84.50% to Rp4.31 trillion from Rp2.34 trillion. The company explained that the increase was also supported by a one-off gain from the monetisation of its FiberCo business, meaning it does not entirely reflect operational growth. Meanwhile, ARPU rose 17.30% to Rp46,000, with total cellular subscribers reaching approximately 93.4 million by the end of June 2026. PT Samator Indo Gas Tbk. (AGII) posted revenue of Rp1.54 trillion in the first half of 2026, an 8.90% increase from Rp1.42 trillion in the same period last year. The growth was supported by demand from the industrial and healthcare sectors. Net profit surged 178.50% to Rp67.41 billion from Rp24.21 billion in the first half of 2025. This increase was also aided by a reduction in financial expenses to Rp157.15 billion from Rp164.44 billion in the previous period. Additionally, reported EBITDA rose 10% to Rp452.50 billion, marking the highest first-half EBITDA ever recorded by the company.