ICT solution firm Mastersystem Infotama (MSTI) has kicked off its initial public offering (IPO) for 667 million shares, representing 20% of its total issued and paid-up capital, priced at range of Rp1,355 to Rp1,595 per share, to raise maximum proceeds of Rp1.06 trillion. MSTI also issued 20.01 million shares or 3% for employee stock allocation program and 80.04 million or 3% for management stock option program.

Shares of Bank Central Asia (BBCA), the largest bank in Indonesia by market capitalization, ended slightly lower by 1.13% on Thursday (Oct 19) as investors adjusted the company’s valuation to respond tighter financial market going forward.

The central bank (Bank Indonesia/BI) decided on Thursday (October 19) to raise its benchmark interest rate (BI 7-Day Reverse Repo Rate/BI7DRR) to 6% from 5.75%, marking the first rate hike since January 2023, as it seeks to reinforce efforts to stabilize the rupiah amid rising global uncertainty. 

ESSA Industries Indonesia (ESSA), formerly named Surya Esa Perkasa, a company co-owned by TP Rachmat (Triputra Group), Laroya Family, and Garibaldi ‘Boy’ Thohir, booked profit attributable to owners of US$9.7 million only in the first nine months (9M) to September of 2023, compared to US$104.6 million in the corresponding period of 2022, as revenue dropped 58.3% year on year (y/y) to US$232.6 million. 

United Tractors (UNTR)—a subsidiary of Astra International engaged in construction machinery supply, coal mining contracting, own coal business, power generation, and civil construction—has acquired PT Anugerah Surya Pacific Resources (ASPR) at value of US$104.9 million, equivalent to Rp1.65 trillion.

Shares of geothermal player PT Barito Renewables Energy Tbk (BREN) gained another 24.73% to Rp3,430 on Tuesday (Oct 18) to make a market capitalization of US$30 billion, 44 times of enlarged equity after the initial public offering (IPO) last week. It is difficult to digest the 340% gain in its only first week of trading on the Indonesia Stock Exchange (IDX).

Shares of cellular firm Smartfren Telecom (FREN), owned by Sinarmas Group, gained 1.89% to Rp54 per share on Tuesday (October 17), to make market capitalization of Rp18.1 trillion. The stock, however, has fallen 98.7% so far this year, due to poor earnings, also concern on reported merger with XL Axiata (EXCL). EXCL was traded flat at Rp2,380, valued at Rp31.1 trillion.

Shares of nickel miner Vale Indonesia (INCO) advanced 2.26% to Rp5,650 on Tuesday (Oct 17) as investors responded positively the company’s operational performance in the third quarter, where it produced 17,953 metric tons of nickel in matte in the third quarter (Q3) of 2023, grew 6% from previous quarter, attributed to the maintenance strategy implemented.

Shares of gold miner Archi Indonesia (ARCI) soared 17.22% on Monday (Oct 17) after gaining 6.5% last Friday as investors continue to speculate on possible divestment of majority control by tycoon Peter Sondakh’s Rajawali Corpora. 

Shares of e-commerce players Bukalapak (BUKA) lost further by 0.97% to Rp204 on Monday (Oct 16) after falling 3.74% on Friday last week (October 13). Bukalapak, once a decacorn, is now worth Rp21 trillion only, way below equity (Rp26.3 trillion). The stock has fallen 20% so far this year, and lost 32% from its recent peak (Rp304) in January 30, 2023.