Market Volatility Remains High, Analysts Recommend Five Stocks
Jakarta — The Indonesia Composite Index (IHSG) closed trading on Wednesday 11 March in the red, declining 0.69% to reach 7,389.40.
The index’s movement was influenced by several key driver stocks, including BYAN which strengthened 5.31%, TLKM rising 1.35%, and GOTO gaining 3.64%. Conversely, several stocks weighed on the index, including BBCA declining 2.15%, AMMN weakening 5.58%, and BREN correcting 2.45%.
Foreign investors were recorded conducting net selling of Rp730.31 billion in the regular market and Rp938.66 billion across the entire market.
By sector, six of eleven sectors closed lower. The basic industrial sector recorded the deepest decline of 2.03%, whilst the technology sector achieved the highest gain of 0.87%.
In global markets, United States stock indices closed with mixed movements and a downward tendency. The Dow Jones fell 0.61% to 47,417, the S&P 500 moved relatively flat with a slight decline of 0.08% to 6,775, whilst the Nasdaq rose slightly 0.08% to 22,716.
Market sentiment was influenced by geopolitical developments after no indication emerged that conflict between the United States and Iran would subside in the near term. Iran has reportedly escalated tensions by laying sea mines in the Strait of Hormuz. This condition also weighed on Indonesia-based index performance, such as the iShares MSCI Indonesia ETF (EIDO) which fell 0.92% and the MSCI Indonesia index which weakened 0.73%.
Meanwhile, Commission XI of the Indonesian Parliament has approved five candidates to fill positions on the Financial Services Authority (OJK) Board of Commissioners for the 2026–2031 period, following a feasibility and propriety assessment process of ten candidates. Friderica Widyasari Dewi has been appointed as Board Chair, whilst Hernawan Bekti Sasongko becomes Vice Chair.
Three other executive leadership positions will be filled by Hasan Fawzi, Dicky Kartikoyono, and Adi Budiarso. The decision will subsequently be presented to a plenary session of the Indonesian Parliament for formal ratification. As the prospective OJK Board Chair, Friderica stated her commitment to continue policies for gradually increasing free float to 15% from the current position of approximately 7.5%.
On the corporate front, GoTo Gojek Tokopedia Tbk (GOTO) reported adjusted EBITDA of Rp2 trillion throughout 2025, exceeding management guidance which stood in the range of Rp1.80–1.90 trillion.
This performance was supported by revenue growth of 15.27% to Rp18.32 trillion compared to the previous year’s Rp15.89 trillion. The primary contributor came from goods delivery or courier services which generated Rp5.78 trillion, increasing from Rp5.34 trillion in 2024.
Meanwhile, operating expenses increased moderately by 3.11% to Rp18.70 trillion from the previous Rp18.14 trillion. Overall, the company still recorded a running loss of Rp1.50 trillion, but this figure was substantially smaller compared to the loss of Rp5.46 trillion in the previous year.
GOTO management has targeted adjusted EBITDA in the range of Rp3.20–3.40 trillion in 2026 as part of efforts towards profitability.
The following are today’s stock recommendations, compiled from Mega Capital Securities:
GOTO: Buy 56–58 | Target Price 59–61 | Stop Loss 53
SCMA: Buy 250–254 | Target Price 262–270 | Stop Loss 234
UNVR: Buy 1,985–2,000 | Target Price 2,040–2,110 | Stop Loss 1,890
DOOH: Buy 137–139 | Target Price 143–150 | Stop Loss 130
HATM: Buy 300–304 | Target Price 314–322 | Stop Loss 282