The movement of the Indonesia Composite Index (IHSG) remained under pressure during Tuesday’s (26/5) trading session. The IHSG closed down 1.23% at 6,130.19 amid heavy foreign capital outflows and sentiment surrounding the MSCI index rebalancing set to take effect in early June 2026. Gains in shares of PT Telkom Indonesia (Persero) Tbk, PT Barito Renewables Energy Tbk, and PT Barito Pacific Tbk had briefly supported the index. However, pressure from shares of PT Astra International Tbk, PT Bank Rakyat Indonesia (Persero) Tbk, and PT Bank Central Asia Tbk pushed the IHSG to end the session in negative territory.

Foreign investors recorded net selling of around Rp1.89 trillion in the regular market. Meanwhile, across the overall market, foreign net sell reached approximately Rp1.60 trillion. Sectorally, most sectors weakened, with the industrial sector posting the deepest decline. On the other hand, the infrastructure sector still managed to record slight gains.

Pressure in the domestic market occurred despite US stock markets closing higher. The Dow Jones moved within a limited range, while both the S&P 500 and Nasdaq posted gains. Market participants are still monitoring the potential continuation of foreign capital outflows ahead of the MSCI rebalancing effective on June 1, 2026. Over the past two days, foreign outflows in the regular market reached around Rp3.98 trillion. In addition, the weakening rupiah exchange rate has also become a concern for investors.

Issuer Updates

GoTo Gojek Tokopedia Tbk (GOTO)
GOTO became one of the issuers attracting market attention amid current conditions. MSCI reportedly froze all changes related to outstanding shares, the Foreign Inclusion Factor (FIF), Domestic Inclusion Factor (DIF), and index composition adjustments for GOTO shares in the May 2026 Index Review.

MSCI will reevaluate GOTO’s stock liquidity during the August 2026 review based on the Global Investable Market Indexes (GIMI) methodology. GOTO shares themselves have been trading at the Rp50 level since May 13, 2026.

As of May 26, GOTO’s trading volume was recorded at around 333 million shares with transaction value reaching Rp16.67 billion, lower than the January-April 2026 average trading volume of approximately 4.62 billion shares and transaction value of Rp274.63 billion.

Harum Energy Tbk (HRUM)
HRUM is targeting coal production of 2-3 million tons in 2026. The company is also aiming for nickel production and sales in the form of NPI, HG Matte, and MHP totaling 107-117 thousand tons of metal next year.

To support business expansion, HRUM has allocated capital expenditure of around US$310 million. Most of the funds will be directed toward developing its nickel business, while the remainder will be used for maintaining the coal business. As of the first quarter of 2026, HRUM had realized around US$139 million in capital expenditure for nickel project development and to support mining and logistics operations.

Triputra Agro Persada Tbk (TAPG)
TAPG decided to distribute cash dividends for the 2025 fiscal year amounting to Rp180 per share, equivalent to a total of Rp3.57 trillion. This figure represents around 96.43% of net profit attributable to owners of the parent entity.

Throughout 2025, TAPG posted revenue of Rp11.40 trillion, up 17.9% from the previous year. The company’s net profit also increased by 18.59% to Rp3.70 trillion, while earnings per share rose to Rp186.

The Rp180 per share dividend already includes two interim dividends previously distributed at Rp39 per share and Rp50 per share. Therefore, the final dividend to be distributed amounts to Rp91 per share or around Rp1.81 trillion. The cum dividend date is set for June 3, 2026, while final dividend payment is scheduled for June 18, 2026.

Today’s Stock Recommendations

• MPMX - Buy 1050-1060 | TP 1090-1100 | SL 995
• GPRA - Buy 100-103 | TP 104-106 | SL 92
• ADMR - Buy 1460-1470 | TP 1510-1530 | SL 1380
• AADI - Buy 8125-8150 | TP 8350-8400 | SL 7750
• SOFA - Buy 386-390 | TP 400-404 | SL 366

Disclaimer: All stock analyses and recommendations in this article are for informational purposes only and do not constitute an invitation to buy or sell any specific stocks. Investment decisions are entirely the responsibility of each investor according to their respective risk profiles and financial objectives. Invest wisely.