While peers ended lower ground, SmartFren Telecom (FREN), the smallest telco player, was flat on Monday (Feb 11). FREN, which will soon merge with XL Axiata (EXCL), reported the weakest performance among telco players last year.

Shares of Indosat Ooredoo (ISAT), second largest telco player, fell as much as 11% to Rp1975 one hour before trading close Monday (Feb 10). Investors were nervous with 4.63% fall of Telkom Indonesia (TLKM), market leader, on potential slowdown of the economy.

Shares of PT Fast Food Indonesia Tbk (FAST) ended lower by 2.9% to Rp268 last Friday to make a market capitalisation of Rp1.07 trillion only. FAST, co-owned by Anthoni Salim and Gelael Family, stock has collapsed 84% from its peak 12 years ago. 

President Prabowo Subianto through Erick Thohir, minister of state-owned enterprises, has appointed active military officer Major General Novi Helmy Prasetya as the new president director of state food logistic firm BULOG. General Novi was previously assistant for territorial issues of the military commander.

It is either Gojek or Grab that first comes to mind when most people think about online ride-hailing services. The two brands have become the top of mind for years, even though competitors like Maxim and InDrive are quite popular in the market as well. There is also a lesser-known brand called Zendo, which has long been in operation without getting much recognition from the public. However, now that Gojek and Grab are rumored to be merged, would these competitors have an opportunity to finally flourish? Or would it be even more difficult for them to survive?

Composite index of Indonesia Stock Exchange/IDX (IHSG) opened lower by 1.% Friday (Feb 7) morning, dragging down by shares controlled by tycoon Prajogo Pangestu (Barito Pacific Group). The shares, overtly priced, have long been subject to trading manipulation. 

Shares of XL Axiata (EXCL), third largest telco player, ended higher by 0.88% to Rp2,290 on Thursday (Feb 6), while associated entity LinkNet (LINK) closed lower by 1.8% to Rp2,160. EXCL reported quite an impressive performance with net profit jump of 44% to Rp1.82 trillion, but should have been better.

Shares of ICT company PT Solusi Synergy Digital Tbk (WIFI), popular as Surge, ended higher by 9.68% to Rp1,530 on Thursday (Feb 6) to make a market capitalisation of Rp3.61 trillion. The stock has gained more than 500% since Hashim Djojohadikusumo, brother of president Prabowo Subianto, entered into partnership with WIFI’s subsidiary.

Ministry of public works and the House of Representatives (DPR) have on Thursday (Feb 6) approved 73% cut of the ministry’s 2025 budget. Some lawmakers have reminded the government of potential severe implication of the budget cut to quality of the nation’s public infrastructure.