JAKARTA — Indonesian equities ended the July 24 session under heavy pressure, even as several listed companies announced developments that could influence their longer-term earnings prospects.

The Jakarta Composite Index fell 1.88% to 6,196.43. Every sector closed lower, with cyclical consumer stocks recording the deepest decline at 3.04%.

Mora Telematika Indonesia, Maha Properti Indonesia and Buana Lintas Lautan provided limited support. Their shares gained 3.94%, 3.96% and 12.31%, respectively.

Those advances were outweighed by losses in major index constituents. Bank Mandiri dropped 5.71%, Amman Mineral Internasional declined 4.27%, and Bumi Resources fell 6.56%.

The Market’s Immediate Problem Was Capital Flow

Foreign investors sold a net Rp1.25 trillion in the regular market and Rp1.36 trillion across all trading segments.

Bank Mandiri accounted for approximately Rp639.6 billion of Friday’s foreign net selling. Bumi Resources followed with about Rp164.9 billion.

Across the full trading week, overseas investors recorded approximately Rp3.38 trillion in regular-market net sales. Foreign selling totalled Rp32.53 trillion, compared with Rp29.15 trillion in purchases.

The outflow indicates that international institutions remained cautious despite the JCI’s earlier recovery. High oil prices, rupiah weakness, geopolitical conflict and the prospect of prolonged global monetary tightening continued to influence allocations.

International indicators reflected similar pressure. The iShares MSCI Indonesia ETF closed 1.13% lower at US$12.26, while the MSCI Indonesia Index declined 1.52%.

Wall Street’s Mixed Close Offered Little Direction

US stocks produced a divided result.

The Dow Jones Industrial Average advanced 0.46% to 51,947.25, while the S&P 500 gained only 0.05% to 7,411.98. The technology-heavy Nasdaq Composite lost 0.64% and finished at 24,975.82.

The divergence reflected rotation away from selected technology companies following concerns about valuation and the amount of capital being committed to artificial-intelligence infrastructure.

For emerging markets, the combination of volatile technology shares, expensive oil, a strong dollar and elevated US bond yields can restrict portfolio inflows even when individual companies report positive developments.

AMMAN Completes a Major Downstream-Mining Project

Amman Mineral said its West Sumbawa copper smelter had completed all contracted construction and commissioning requirements.

The milestone was formalised through a Completion and Project Acceptance Certificate signed with China Nonferrous Metal Industry’s Foreign Engineering and Construction Co., Ltd.

The certificate confirms that the project completed its construction scope, outstanding commissioning items and performance-guarantee tests. The smelter, which had already been operating for more than a year, has now entered its long-term operating phase.

The facility can process 900,000 metric tons of copper concentrate annually from the Batu Hijau mine and, eventually, the Elang deposit.

Designed annual output includes approximately 220,000 tons of copper cathode and 830,000 tons of sulfuric acid.

Its associated precious-metals refinery has planned capacity for 579,000 ounces of refined gold, 1.8 million ounces of silver and 77 metric tons of selenium.

The project strengthens AMMAN’s integration from mining through processing and refining. Its financial contribution will depend on plant utilisation, operating reliability, costs and commodity prices rather than the completion certificate alone.

Tempo Scan Uses a Joint Venture to Enter Specialty Pharmaceuticals

Tempo Scan Pacific has established PT Tempo CTTQ Biopharmaceutical Indonesia with Chia Tai Tianqing Pharmaceutical Group, a subsidiary of Sino Biopharmaceutical.

The Chinese partner holds 51% of the new entity, while Tempo Scan owns the remaining 49%.

The joint venture is intended to support pharmaceutical technology transfer, expand specialty-medicine development and help create domestic biopharmaceutical manufacturing capability.

Tempo Scan said the partnership should improve Indonesian patients’ access to modern and innovative treatments.

The agreement follows a quarter in which Tempo Scan’s revenue increased 4.12% year on year to Rp3.41 trillion.

Consumer and cosmetics products generated Rp1.22 trillion, pharmaceuticals contributed Rp1.10 trillion and distribution services produced Rp1.09 trillion.

Net income nevertheless declined to Rp351.81 billion from Rp409.22 billion.

The joint venture may broaden the company’s future product portfolio, but the eventual value will depend on investment requirements, facility construction, regulatory approvals and commercial adoption.

DCI Indonesia Expands Capacity After Strong Revenue Growth

DCI Indonesia reported first-half revenue of Rp1.78 trillion, up approximately 33.2% from Rp1.33 trillion a year earlier.

Profit attributable to the parent company rose 18.7% to Rp732.53 billion from Rp616.95 billion.

Colocation services generated about Rp1.68 trillion, while other services contributed Rp98.38 billion.

Cost of revenue climbed 50.9% to Rp813.72 billion, faster than sales growth. The result helps explain why the increase in net income was smaller than the increase in revenue.

DCI is completing phases three through five of its JK6 facility, with construction progress reported at approximately 80%. It has also started the initial development of JK7 and JK8 to support further colocation capacity.

Demand from cloud computing, digital services and AI infrastructure provides a growth opportunity. Data-centre development, however, requires substantial capital, dependable electricity and high occupancy to achieve attractive returns.

Five Short-Term Trading Ideas

Mega Capital Sekuritas published the following technical trading ranges:

PACK: Buy Rp228–Rp232; target Rp238–Rp242; stop loss Rp216.
SGER: Buy Rp436–Rp440; target Rp446–Rp450; stop loss Rp414.
SUNI: Buy Rp660–Rp665; target Rp680–Rp690; stop loss Rp630.
MDIA: Buy Rp124–Rp127; target Rp129–Rp131; stop loss Rp117.
DEWA: Buy Rp436–Rp440; target Rp446–Rp452; stop loss Rp410.

These ranges represent short-term technical scenarios, not guaranteed outcomes. Prices can move beyond both targets and risk limits when liquidity or market sentiment changes rapidly.

Disclaimer: This article is intended solely for informational and educational purposes. It does not constitute personalised financial advice, a recommendation or an invitation to buy or sell any security.