JCI Slumps 3.4%: Five Stock Picks for Today
The Jakarta Composite Index (JCI) closed down 3.49% at 5,098.06 on Thursday (29 October).
Amid market pressure, DSSA rose 5.38%, TPIA gained 1.12% and SMMA edged up 0.25%, making them the leading movers. By contrast, BBCA fell 6.35%, BBRI declined 3.77% and ASII weakened 6.20%, making them the laggards.
Foreign investors recorded net selling of Rp1.52 trillion on the regular market and Rp1.08 trillion across all markets. All 11 stock sectors closed in negative territory, with the industrial sector recording the steepest fall, at 4.64%.
US equities also came under pressure. The Dow Jones fell 0.25% to 52,324, the S&P 500 lost 0.30% to 7,720, while the Nasdaq dropped 1.38% to 26,184.
BBCA was one of the main drags on the JCI, falling 6.35% amid profit-taking after a significant gain in the previous session. It was the biggest laggard, subtracting 30.51 points from the index, while foreign investors’ net selling of the stock reached Rp503.49 billion.
Overseas, the EIDO ETF and the MSCI Indonesia Index fell 3.54% and 4.87%, respectively.
Among listed companies, Merdeka Gold Resources (EMAS) approved an exploration budget of US$11.40 million for 2027. The funds will support a further 50,000 metres of drilling at the Pani Gold Mine in Gorontalo.
The decision follows drilling results in the Pani Deep, Pani Gap and Kolokoa areas, which found gold mineralisation both within and beyond the currently defined resource boundary.
One drill hole at Pani Deep recorded a 193-metre mineralised interval averaging 0.94 grams per tonne (g/t) of gold. Within that interval, 124.9 metres averaged 1.31 g/t. Mineralisation was also identified about 65 metres below the current resource boundary.
The results point to potential vertical and lateral expansion of mineralisation at Pani. The 2027 exploration programme aims to expand the mine’s resource base, currently about 7 million ounces, with an estimated mine life of around 15 years.
Production at the Pani Gold Mine is under way and being gradually increased, with 2026 production guidance of 100,000–115,000 ounces. However, the latest drilling results do not yet constitute a new resource or reserve estimate, as further drilling and evaluation are required.
Meanwhile, Perusahaan Gas Negara (PGN, PGAS) is securing four long-term gas supply contracts signed on 28 October 2026. The contracts have a combined estimated value of about US$10.60 billion.
The largest is a US$7.34 billion LNG purchase agreement from the Abadi gas field in Masela. The agreement involves INPEX Masela, Pertamina Hulu Energi Masela and Searah Masela, with deliveries expected over about 15 years from 2033.
PGAS also has a US$1.54 billion North Hub LNG contract for deliveries from 2029 to 2037, with an option to extend to 2038. The agreement involves Pertamina and the contractors for the Ganal and Rapak blocks.
PGAS has also secured a South Hub LNG contract worth US$996.46 million for 2027–2032, as well as a US$725.55 million gas supply contract from Medco E&P’s Sakakemang working area for 2027–2037.
The contracts strengthen PGAS’s gas supply availability through to the end of the 2040s. The move is intended to support its LNG-based gas trading business amid declining domestic conventional gas production.
Nusantara Sejahtera Raya (CNMA) has also set an interim cash dividend of Rp4 per share for the 2026 financial year, with a total value of Rp333.12 billion.
The decision follows the company’s net profit of Rp416.30 billion in the first nine months of 2026 (9M26), down 6.43% year on year.
The interim dividend represents a payout ratio of 80.02% of 9M26 net profit.
CNMA shares closed at Rp72 on Thursday (29 October). At Rp4 per share, the interim dividend yield based on that closing price is 5.56%.
The cum-dividend date for CNMA shares on the regular and negotiated markets is 6 November 2026. Payment is scheduled for 19 November 2026.
Stock recommendations for today
CBUT — Buy at 1,045–1,055 | Target price: 1,085–1,105 | Stop-loss: 1,000
CSRA — Buy at 625–635 | Target price: 650–660 | Stop-loss: 590
GTRA — Buy at 284–288 | Target price: 294–300 | Stop-loss: 270
WIIM — Buy at 1,470–1,480 | Target price: 1,500–1,520 | Stop-loss: 1,390
CMRY — Buy at 4,220–4,240 | Target price: 4,290–4,320 | Stop-loss: 4,060