Composite index of Indonesia Stock Exchange/IDX (IHSG) ended substantially lower by 2.12% to its lowest level since June 2024 even when other markets in the region closed higher grounds. KOSPI gained 1.17% in Seoul, while Hang Seng surged 1.4% in Hong Kong. All Ordinaries and Nikkei 225 also gained 1.17% and 0.61% respectively.

Shares of state bank BNI (BBNI) opened lower by 1.8% this morning despite plans from the management to spend Rp905 billion in the shares buyback program. At the last quoted price, BNI was worth Rp162.5 trillion, only slightly above equity (Rp162.2 trillion by Sept 30, 2024).

Shares of Pertamina Geothermal (PGEO) ended higher by 2.2% to Rp930 on Wednesday (Feb 5) as some investors responded positively the company’s initiative to develop green hydrogen and ammonia with sister company Perusahaan Gas Negara (PGAS), which also gained 2.84% that day. 

Indonesian economy grew 5.03% last year, slower than 2023 (5.05%) and below the government’s target (5.2%). Weaker export-import, lacklustre investments, and the squeezed middle class have prevented the country from growing higher.

Shares of Bank Mandiri (BMRI) declined by 1.8% to Rp5,575 this morning as investors digested full year financial performance of the country’s largest bank by total assets. At the last quoted price, Bank Mandiri was worth Rp513 trillion, not even half of Bank Central Asia (BBCA), which is third largest by total assets. 

Nickel ended flat at US$15,270 on the London Metal Exchange (LME). According to tradingeconomics.com, nickel is expected to trade at US$14,943 by the end of this quarter. Uncertainties surrounding production cut in Indonesia weighed on the commodity, a main raw material for stainless steel and EV battery.

President Prabowo Subianto had torpedoed a policy issued by minister of energy and mineral resources Bahlil Lahadalia, which meant to streamlining distribution of liquefied petroleum gas (LPG)/cooking gas. The President, doesn’t want to swallow a bitter pill, gained popularity for this. 

Shares of state coal miner Bukit Asam (PTBA) closed the morning session higher by 1.12% to Rp2,700 Tuesday (Feb 8) despite correction in international price of thermal coal. Some investors responded positively the company’s strong operational performance last year, where production and sales reached new records.

President Prabowo Subianto, upon protest from the society, has reportedly instructed energy and mineral resources ministry to resume retail distribution of LPG cooking fuel by roadside stalls immediately today.