Massive Buybacks Fail to Spark Rally as Stock Market Remains Sluggish

A wave of share buyback actions has once again coloured the Indonesian capital market throughout 2026. Companies such as TLKM, GOTO, and BBRI are planning buyback actions amid the decline in the Jakarta Composite Index (IHSG) since the beginning of this year. PT Telkom Indonesia (Persero) Tbk. (TLKM), for example, has obtained shareholder approval to implement a share buyback programme worth a maximum of Rp4 trillion at the Annual General Meeting of Shareholders (RUPST) for the 2025 Financial Year, held on Monday (8/6/2026).