JCI Rises on State-Owned Shares; Is Danantara Joining In?
Jakarta, CNBC Indonesia – The Jakarta Composite Index (JCI) was back in positive territory midway through the first trading session today. At 9.56 am Western Indonesian Time, the JCI stood at 5,381.43, up 53.07 points, or 1%. It had fallen by as much as 2% at the market open.
The move coincided with several companies listed on the Indonesia Stock Exchange (IDX) undertaking share buybacks between October and December 2026. Some have set aside as much as trillions of rupiah for the corporate actions.
Refinitiv data show that most of the shares supporting the JCI midway through the first session were those of state-owned companies, including PT Bank Mandiri (Persero) Tbk (BMRI), PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), PT Telkom Indonesia (Persero) Tbk (TLKM), PT Bank Negara Indonesia (Persero) Tbk (BBNI) and PT Aneka Tambang (Persero) Tbk (ANTM).
Bank Mandiri has allocated Rp1.17 trillion for its buyback, which runs from 30 April 2026 to 29 April 2027.
Bank Negara Indonesia also has a buyback programme, with Rp627 billion allocated. It is scheduled to run from 27 July to 26 October 2026.
Telkom Indonesia is looking to accelerate its share buyback programme, 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 remained in the approved buyback allocation.
Danantara chief executive Rosan Roeslani said on Friday (16 October 2026) that falling share prices represented a long-term investment opportunity.
“We have to continue to see this as an opportunity and remain optimistic. We are confident, and Danantara is ready to enter the market,” Rosan said.
Danantara chief operating officer and head of the state-owned enterprises agency (BP BUMN), Dony Oskaria, also said on Monday (19 October 2026) that the organisation could increase its ownership of state-owned companies.
“If they are good, we will buy them, particularly state-owned shares, and later we will increase our ownership,” he said.
However, Danantara has yet to specify which shares it might buy or how much it would invest. Unlike the buyback programmes announced by the listed companies, Danantara’s move remains an investment plan.
Investors are also watching whether share price gains will hold after heavy selling over the previous two days. The outcome of MSCI’s review of Indonesia’s market status is also still pending.