JAKARTA - Controlling shareholders and directors of a number of issuers have accumulated in the stock market, after the JCI recorded its deepest intraday decline on Tuesday (18/3) yesterday.

According to data compiled by IDNFinancials.com, PT Elang Mahkota Teknologi Tbk (EMTK) bought 30.75 million shares of PT Surya Citra Media Tbk (SCMA) on 18 March 2025.

Then Prajogo Pangestu bought 1.77 million shares of PT Barito Renewables Energy Tbk (BREN), as well as 68,500 TPIA shares on the same day.

A number of directors and commissioners of PT Bank Central Asia Tbk (BBCA) were also observed accumulating shares, with a total of 6.31 million shares purchased.

Meanwhile, Adaro Group owner Garibaldi Thohir accumulated around 3.7 million shares of PT PT Adaro Andalan Indonesia Tbk (AADI) on 19 March 2025.

Stockbit Sekuritas Digital analysts assessed that the accumulation shows the confidence of controllers, directors, and commissioners in the fundamentals of each company.

The series of buying actions is also considered to foster optimism among market participants. ‘However, we think that an increase in investor confidence - especially foreign investors - is needed for a more significant recovery in the JCI,’ wrote Stockbit Sekuritas analysts in their research report.

On Thursday's trading, the JCI strengthened 1.11% to 6,381.57. However, since the beginning of this year, the index still weakened 9.86% with a total net foreign sell of IDR 30.83 trillion. (KR/LM)