Shares of Two Conglomerate Groups Targeted by Foreign Investors
Foreign investors snapped up shares belonging to two major Indonesian conglomerates, the Prajogo Pangestu Group and the Bakrie Group, during a correction in the Jakarta Composite Index (IHSG) on Thursday (23/7/2026). Despite this, heavy selling pressure on large-cap banking stocks caused the IHSG to fail to maintain its rally, closing down 0.30% at 6,315.31.
Based on trading data, foreign investors recorded a net foreign sell of Rp1.22 trillion. However, behind this selling action, there was accumulation in a number of shares under the two business groups. From the Prajogo Pangestu Group, shares of PT Petrindo Jaya Kreasi Tbk (PTRO) recorded a net buy of Rp90.4 billion, PT Barito Pacific Tbk (BRPT) saw Rp57.3 billion, and PT Chandra Daya Investasi Tbk (CUAN) was the most sought-after with a net buy of Rp95.7 billion. Meanwhile, from the Bakrie Group, foreign investors bought up PT Bumi Resources Tbk (BUMI) worth Rp55.3 billion and PT Bumi Resources Minerals Tbk (BRMS) worth Rp26.7 billion.
Apart from these two groups, shares of PT Amman Mineral International Tbk (AMMN), PT AKR Corporindo Tbk (AKRA), PT Timah (Persero) Tbk (TINS), and PT Merdeka Copper Gold Tbk (MDKA) also made the list of stocks most collected by foreign investors during the session. This foreign accumulation was also reflected in the IHSG’s top movers list. BUMI was the second-largest positive contributor to the index with a contribution of around 5.51 points, followed by AMMN with 2.95 points, BYAN with 2.85 points, MDKA with 2.56 points, PTRO with 1.68 points, and MLPT as the largest contributor with 7.77 points.
The ten stocks with the largest net foreign buy were: PT Chandra Daya Investasi Tbk (CUAN) at Rp95.7 billion, PT Petrosea Tbk (PTRO) at Rp90.4 billion, PT Amman Mineral Internasional Tbk (AMMN) at Rp78.2 billion, PT Barito Pacific Tbk (BRPT) at Rp57.3 billion, PT Bumi Resources Tbk (BUMI) at Rp55.3 billion, PT AKR Corporindo Tbk (AKRA) at Rp47.8 billion, PT Timah (Persero) Tbk (TINS) at Rp40.6 billion, PT Bumi Resources Minerals Tbk (BRMS) at Rp26.7 billion, PT Merdeka Copper Gold Tbk (MDKA) at Rp22.7 billion, and PT DMS Propertindo Tbk (KOTA) at Rp17.4 billion.
Although these commodity and conglomerate stocks supported the index, selling pressure on banking and blue-chip stocks was more dominant. PT Bank Central Asia Tbk (BBCA) was the biggest drag on the IHSG with a negative contribution of 19.85 points, followed by PT Astra International Tbk (ASII) with 6.11 points, PT Telkom Indonesia (Persero) Tbk (TLKM) with 4.61 points, PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) with 4.38 points, and PT Bank Mandiri (Persero) Tbk (BMRI) with 3.27 points.