Gold miners shares were mainly in red this year, with many experienced a significant correction, along with mild growth in gold prices. Tradingeconomics.com reported, gold rose 13% year on year (y/y), trading at US$1882 per troy ounce (t.oz) on Thursday (October 12), but it declined 8.2% from peak this year.

Shares of recreation park operator Pembangunan Jaya Ancol (PJAA), the largest in the country, surged 16.7% to Rp980 on Wednesday (Oct 12) as investors responded positively the company’s post Covid-19 pandemic recovery. 

Shares of toll road developer and operator PT Jasa Marga Tbk (JSMR) ended slightly higher to Rp4,420 on Wednesday (Oct 11) on speculation about divestment of shares in trans-Java toll road. At the last quoted price, the state-owned company was valued Rp32 trillion, slightly above equity.

KakaoBank, the largest internet-only bank in South Korea, has long hoped to replicate its domestic success in overseas market. This time, KakaoBank is trying luck in Indonesian market through the acquisition of minority shareholding in PT Super Bank Indonesia (SBI), a digital banking entity owned by Elang Mahkota Teknologi (EMTK).

Pretty much as predicted, we will see more public listing of companies involved in the nickel-EV ecosystem. This time, the Indonesia Stock Exchange (IDX) welcomes PT Koka Indonesia Tbk (KOKA), a company engaged in EPC of various nickel-related projects in the Indonesia Morowali Industrial Park (IMIP), currently the world largest.

Shares of property developer PT Maha Properti Indonesia (Tbk), controlled by the family of Tahir (Mayapada Group), gained 12% to Rp3,180 this morning to make a market capitalization of Rp31.5 trillion, substantially bigger than established players like Ciputra Development, BSD City, and Pakuwon Jati.

Dato’ Tahir, owner of Mayapada Group, doesn’t want to be left behind in the development of new capital city Nusantara. He was seen in Nusantara last week to kick off the development of Mayapada Hospital there. Investors’ attention, however, is still on the businessman’s Mayapada Bank (MAYA), which struggled for quite sometime now.

Shares of Barito Renewables Energy (BREN), member of Barito Pacific Group owned by Prajogo Pangestu, gained another 25% to Rp1,215 this morning. That means the stock already gained 56% from its initial public offering (IPO) price. At the last quoted price, BREN was already worth more than US$10 billion (Rp162.5 trillion).

Shares of oil and gas supporting service firm Elnusa (ELSA) ended higher by 1% to Rp390 last Friday to make a market capitalization of Rp2.85 trillion, way below equity (Rp4.18 trillion). The stock has consistently traded at discount despite a relatively stable and strong performance. 

Shares of nickel producer Trimegah Bangun Persada (NCKL) or Harita Nickel, one of the largest in the country, gained 3.16% to Rp980 on Friday last week (October 6), but it fell 21.6% from its IPO price (Rp1,250) along with the downfall of nickel prices. Tradingeconomics.com reported nickel prices has fallen 19.6% year on year, trading at US$2499 per ton on Friday last week.