Market

The management of Indonesia Stock Exchange (IDX) is reportedly reviewing the so-called Full Periodic Call Auction (FCA), which has been blamed by some behind the downfall of some stocks and the composite index of IDX (IHSG). Seriously?

State pharmaceutical firm Kimia Farma (KAEF) suffered loss of Rp1.82 trillion in 2023, widened from Rp126 billion loss only in 2022, due to higher cost and expenses. Worse, the government as majority shareholder, detected financial engineering carried out by the company’s subsidiary. 

In a bid to convince investors that the recent resignation of two leaders won’t affect outlook, the Indonesian Capital City (IKN) Authority reported that the total investment for the phase VI groundbreaking process in the IKN reached Rp1.75 trillion. This may not be enough, unfortunately. 

Mining contractor Delta Dunia Makmur (DOID), through American Anthracite SPV I, LLC, which is a subsidiary of PT Bukit Makmur Internasional (BUMA International), has signed a Share Purchase Agreement for the strategic acquisition of Atlantic Carbon Group, Inc. (ACG), the second largest producer of UHG anthracite in the United States.

The rupiah exchange rate against the US dollar touched a new low in the last four years, in line with investors’ steps to restrain carry trade in emerging markets, thus prompting the central bank to intervene in the market. Rupiah, by far, is the worst performing currency in the emerging economies. Will it depreciate further?

It’s been long overdue! The composite index of Indonesia Stock Exchange (IDX) ended lower by 2.1% on Wednesday (Jun 5), dragged down by correction of Barito Renewables (BREN), Chandra Asri Petrochemical (TPIA), and Amman Mineral (AMMN). These stocks have been overcooked for so long.

Sarana Menara (TOWR), a telco infrastructure company controlled by Djarum Group, has officially acquired 90% shares in PT Inti Bangun Sejahtera Tbk (IBST). This comes after XL Axiata (EXCL) and SmartFren (FREN) announced their merger. 

What a waste! While Indonesia, thanks to aggressive investment from China, has grown into a major producing base, state steel manufacturer Krakatau Steel (KRAS) expresses doubts over business continuity due to poor financial performance. KRAS management stated that KRAS’s comprehensive loss, accumulated losses and total short-term liabilities that exceeded assets raised significant doubts. 

Past studies suggested that the effect of the La Niña event on CPO prices is greater than that of the El Niño event. According to a new update from the World Meteorological Organisation (WMO), there is likely to be a swing back to La Niña conditions later this year. Unfortunately, shares of palm oil producers listed on the Indonesia Stock Exchange (IDX) haven’t gained ground this year.

PT Merdeka Battery Materials (MBMA), a nickel-to-EV battery company co-owned by Boy Thohir (older brother of Erick Thohir, minister of state-owned enterprises), booked net profit of US$3.7 million in the first quarter of 2024 against loss of US$7 million in the corresponding period last year.