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STOCK MARKET - The Indonesia Stock Exchange (IDX) faced an aggressive broad-based liquidity squeeze at the start of the trading week, with premium large-cap equities under the benchmark LQ45 index shifting into severe consolidation channels.
Market validation data from Monday (21/9/2026) revealed a massive 38.8% contraction in daily aggregate turnover, with bourse values evaporating to IDR 11.8 trillion from a robust IDR 19.3 trillion logged in the previous session.
International institutional desks accelerated capital flight out of the country, registering a unified foreign net sell of IDR 510.1 billion derived from a high-volume offloading of 302.2 million shares.
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Value Anomalies: AADI Contracts as INKP Defends Asset Floor
The downward pressure severely hit recent market movers. Within the primary valuation group, newly listed energy arm PT Adaro Andalan Indonesia (AADI) collapsed by 3.13% to settle at IDR 11.600 per share, stretching its localized correction channel.
State-backed miner PT Aneka Tambang (ANTM) similarly wiped out its previous gains, dropping 2.99% to close at IDR 3,240.
| Stock Code | Close Price | Price-to-Earnings (PER) | Price-to-Book (PBV) | Daily Price Shift |
|---|---|---|---|---|
| BBTN | IDR 1,155 | 3.38x | 0.43x | -1.28% |
| INKP | IDR 8,575 | 3.53x | 0.37x | -0.58% |
| NCKL | IDR 930 | 5.05x | 1.34x | +1.09% |
| AADI | IDR 11,600 | 5.33x | 1.41x | -3.13% |
| PGAS | IDR 1,500 | 5.91x | 0.76x | +1.69% |
Conversely, PT Indah Kiat Pulp & Paper (INKP) defended its position as the cheapest asset across the composite list, trading at a deeply discounted price-to-book valuation floor of 0.37 times.
PT Perusahaan Gas Negara (PGAS) emerged as the group's top gainer, advancing 1.69% to close at IDR 1,500 on selective energy positioning.
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High-Multiple Distressions and the Tech-Stagnation Channel
The growth-stock and mining tranches experienced sharp reversals. Nickel play PT Merdeka Battery Materials (MBMA) plummeted 3.67% to settle at IDR 525 per share, erasing its prior momentum alongside infrastructure contractor PT Darma Henwa (DEWA) which dipped 1.62%.
At the absolute top of the valuation spectrum, PT Petrindo Jaya Kreasi (CUAN) held an exceptionally stretched 155.00x price-to-earnings (PER) ratio, gaining a marginal 0.54% to stand out as the lone advancing counter in its peer bracket.
Meanwhile, high-volume market anchors failed to spark retail action. Tech conglomerate PT GoTo Gojek Tokopedia (GOTO) remained frozen at its IDR 50 floor with a 1.79x PBV asset multiple. It entered a flatline channel alongside energy holdings PT Indika Energy (INDY) and Barito Pacific (BRPT), with all three operators closing completely unchanged.
For macro funds and quantitative trading desks, this massive drop in bourse velocity proves that investors are moving to cash positions ahead of changing regional interest rate frameworks, turning the IDX into a short-term stock-picking field where deep-value multiples take absolute precedence over aggressive speculative momentum.
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