Today's Stock Picks: MDKA to BRIS
Jakarta, CNBC Indonesia — The Jakarta Composite Index (IHSG) ended trading on Thursday, 5 March, in the green after rising 1.76% to 7,710.54. The index’s gains were supported by heavyweight banking stocks such as Bank Central Asia Tbk (BBCA) up 3.27%, Bank Mandiri Tbk (BMRI) up 2.91%, and Bank Rakyat Indonesia Tbk (BBRI) up 1.63% as the main drivers of the index.
On the other hand, several shares acted as drag on the index, including Bayan Resources Tbk (BYAN) down 2.37%, Barito Renewables Energy Tbk (BREN) down 1.68%, and MD Pictures Tbk (FILM) down 2.80%.
Foreign investor activity remained negative, recording net sell of IDR 292.91 billion in the regular market, while net selling across the entire market reached IDR 210 billion.
Sectorally, 10 of 11 sectors closed higher. The consumer cyclicals sector rose the highest, by 3.40%, while the transportation sector was the only sector to edge lower, down 0.13%.
Meanwhile, US equities closed lower. The Dow Jones Industrial Average fell 1.61% to 47,954, the S&P 500 declined 0.56% to 6,839, and the Nasdaq Composite fell 0.26% to 232,748. The weakness was driven by rising geopolitical concerns after Iran reportedly fired missiles at a tanker ship.
That sentiment also affected Indonesian-linked instruments globally. The iShares MSCI Indonesia ETF (EIDO) fell 1.24%, while the MSCI Indonesia Index rose 2.03%.
On the domestic policy front, statements from Finance Minister Purbaya Yudhi Sadewa regarding plans to cut the budget for the Free Nutritious Meals program by up to IDR 100 trillion, amid fiscal risks stemming from the Iran conflict that could affect companies in the agriculture and livestock sectors which have benefited from the program.
In energy, upstream players such as Medco Energi Internasional Tbk (MEDC) and Energi Mega Persada Tbk (ENRG) are seen as likely beneficiaries of movements in global energy prices. In the food sector, companies such as Charoen Pokphand Indonesia Tbk (CPIN), Japfa Comfeed Indonesia Tbk (JPFA), and Indofood Sukses Makmur Tbk (INDF) are also in focus for market participants.
In corporate news, Pelayaran Nasional Ekalya Purnamasari Tbk (ELPI) plans a rights issue of up to 2.11 billion new shares, representing up to 22.18% of issued and paid-up capital following the corporate action. The new shares will be listed on the Indonesia Stock Exchange and will carry the same rights as existing shares, including dividend rights. Proceeds from the corporate action are planned to support general liquidity, capital expenditure, and working capital, while also supporting expansion and diversification to strengthen the company’s capital structure and operational performance.
The rights issue is awaiting approval from shareholders at an Extraordinary General Meeting of Shareholders scheduled for 9 March and an effective statement from the Financial Services Authority (OJK).
Rekomendasi Saham Hari Ini dari Mega Capital Sekuritas
UNTR - Buy 29,525-29,575 | TP 30,000-30,900 | SL 27,850
MDKA - Buy 3,590-3,610 | TP 3,750-3,850 | SL 3,390
INTP - Buy 5,750-5,800 | TP 5,950-6,050 | SL 5,450
BRIS - Buy 2,180-2,200 | TP 2,290-2,330 | SL 2,050
LSIP - Buy 1,280-1,290 | TP 1,315-1,345 | SL 1,215