First substantial net buy
Composite index of IDX (IHSG) gained 1.1% Thursday (Jul 16) as foreign investors recorded a substantial net buy of US$67.86 million in Indonesian equities Thursday (Jul 16), the first in quite sometime.
Net sell drops, but perception risks persist
Composite index of IDX (IHSG/JCI) ended slightly higher by 0.04% Wednesday (Jul 15), a second consecutive day in flat, as net sell by foreign investors declined significantly to US$8.43 million, lifting year-to-date net sell to Rp77.57 trillion or US$4.29 billion.
Nickel Journal
Nickel was traded at US$16,809 per ton this morning, which means only 0.32% gain year-to-date despite Indonesia’s production cut. Higher production in the Philippines, the second largest producer, might force Indonesian government to scale back a plan to boost output in the second half.
KDMP’s governance issues: Electric fans procurement
Every few weeks, it seems, the public is caught off guard by reports of another large-scale procurement tied to one of the government’s priority programs. After the controversial operational vehicles, attention has now shifted to the procurement of 1.8 million electric fans worth Rp1.8 trillion for Prabowo’s flagship Red-White Cooperative (KDMP) program.
Waskita improved, but not enough
The troubled state EPC firm Waskita Karya (WSKT) booked net loss of Rp1.92 trillion in the first half of 2026, declined by 16.9% from the corresponding period last year. The debt-ridden company actually reported improvement in sales revenues, but margins were squeezed.
China slowdown and Indonesian economy
Brent crude oil futures moved below US$85 per barrel Wednesday (Jul 15) as US concluded its strikes on Iran. China’s GDP growth of 4.3% in the second quarter, slowed down from 5% in the first quarter, also prevented further rally amidst escalation of conflicts in the Strait of Hormuz.
MBG kitchens’ nationwide strike
Several MBG partner associations have firmly declared their intention to stage a nationwide strike unless the government improves the program’s governance by August 17, 2026. They highlighted a range of problems that MBG partners across Indonesia are facing, including a financial crisis caused by operational delays and inconsistencies from the National Nutrition Agency (BGN).
Purbaya’s statement, state banks-Agrinas, and KDMP
Minister of finance Purbaya Yudhi Sadewa issued an interesting statement to respond allegation of mark-up in the procurement of pick-up trucks by PT Agrinas Pangan Nusantara (APN) for President Prabowo Subianto’s flagship village cooperative (KDMP) program.
HSC stocks & market credibility
Indonesia Stock Exchange (IDX) and Indonesia Central Securities Depository (KSEI) have on July 14 announced a long list of 37 stocks considered High Shareholding Concentration (HSC). These stocks have low liquidity and high price volatility, which distorts true market valuation, and hence, the overall market credibility.
Beyond the Spectrum Auction: Next Digital Test
The latest spectrum auction has produced clear winners. Telkomsel, Indosat and XLSmart have secured valuable allocations in the 700 MHz and 2.6 GHz bands, ending years of anticipation over one of the country’s most important digital infrastructure decisions. Yet the real question is not who won the auction, but whether we can finally convert spectrum into meaningful economic productivity.