Rate intervention from Prabowo & the banking stocks
Shares of state bank BRI (BBRI) ended substantially lower by 3.1% to Rp3,120 last Wednesday (May 13) as investors started to digest potential implication of President Prabowo’s ‘low interest rate’ policy through the so-called ‘People’s Credit Program’.
Obayashi enters Indonesian toll road business
Japan’s Obayashi Corporation, known for its involvement in Indonesia’s construction business, will acquire shares of toll road operator PT Jakarta Tollroad Development (JTD)’s subsidiary, PT JTD Jaya Pratama (JTDJP), which is engaged in the toll road concession business in Jakarta. Through this acquisition, Obayashi will enter Indonesia’s toll road concession.
Hillcon’s downfall & the doubtful accounts
Shares of coal and nickel mining contractor Hillcon (HILL) ended substantially lower by 5.3% on Wednesday (May 13) to make a market capitalization of Rp265.4 billion as investors negatively responded poor financials for 2025. The stock collapsed 98% from its peak in May 2023, months after its initial public offering (IPO).
Prabowo’s delusional comment on rupiah
Rupiah was traded at new record low of Rp17,611 per US dollar Friday (May 15) on global economic uncertainties stemmed from Iran war and the rise of crude oil price plus unresolved domestic economic issues. President Prabowo Subianto, however, downplayed its impact to the economy, saying villagers do not use dollar.
Mountains of cash and General Sjafrie
Latest forest enforcement campaign no longer resembles a routine bureaucratic operation. It has evolved into something far more theatrical: stacks of confiscated cash displayed before cameras, senior officials posing behind mountains of money, and President Prabowo Subianto personally witnessing the handover of trillions of rupiah recovered by the Forest Area Control Task Force (Satgas PKH).
The low inflation ‘miracle’
US annual inflation rate accelerated to 3.8% in April 2026. Indonesia, ‘miraculously’ recorded 2.42%, down from 3.48% in March despite weaker rupiah and spike in prices of most commodities internationally. Should we say WOW?
Reality check on XLSmart
Shares of XLSMART Telecom Sejahtera (EXCL) ended lower by 2.3% Wednesday (May 13) as some investors responded negatively the company’s financial performance for the first quarter ended March 31, 2026.
Between judicial welfare and public trust
Recently, President Prabowo Subianto ordered the Minister of Housing and Settlement Areas (PKP), Maruarar Sirait, to construct approximately 8,900 official residences for judges across Indonesia. This directive has drawn strong public reaction, as it came at a politically sensitive moment when budget tightening is underway across multiple sectors, economic pressures persist, and public trust in legal institutions continues to erode.
Jinping’s ‘love letter’ to Prabowo
China Chamber of Commerce Indonesia (CCCI) has sent a formal letter to President Prabowo, highlighting their concern on some policies, particularly in natural resources sector. Indonesian cabinet members immediately defended the policies, asking Chinese investors to not worrying too much.
MSCI & Rupiah (3)
Pretty much as predicted, Indonesian shares kicked out from MSCI Global Standard Index and Small Cap Index were under selling pressure, contributing to nearly two percent fall of IDX composite index (IHSG) and the new record low of rupiah Wednesday (May 13). But, the government should worry more about the country’s investment climate beyond MSCI indexes.