ASII, UNTR Slide Seen as Temporary as Foreign Funds Step In

JAKARTA, Investortrust.id — Indonesia largest car distributor and a major diversified conglomerate PT Astra International Tbk or ASII plunges on Wednesday, Jan 21, 2026 in Jakarta as negative headlines hit sentiment, while foreign investors record net buying, a move analysts say could support a technical rebound. PT United Tractors Tbk or UNTR also slides sharply, with near term pressure expected to remain despite the view that the impact is temporary.

ASII fell 9.28 percent or 675 points to Rp 6,600 at the close, yet foreign investors posted a net buy of Rp 172 billion based on Indonesia Stock Exchange data. UNTR dropped 14.93 percent or 4,775 points to Rp 27,200 in the same session.

Kiwoom Sekuritas Indonesia equity research analyst Miftahul Khaer said pressure on UNTR was triggered by reports of a mining permit revocation for its gold unit, PT Agincourt Resources. He said the impact was likely temporary, but warned both stocks could remain in negative territory in the near term.

“The two stocks are likely to stay under pressure amid profit taking after earlier gains, so a wait and see stance may be appropriate until catalysts improve or a technical rebound emerges,” Miftahul told Investortrust.id on Wednesday, Jan 21, 2026.

Kiwoom recommended a hold on ASII with a target price of Rp 7,400, while advising investors to wait and see on UNTR.

From a fundamental perspective, Investment Analyst at Stockbit Sekuritas Everson Sugianto said the permit revocation could have a material negative impact on UNTR’s earnings.

“Assuming sales volume of 220,000 ounces, the Martabe mine could contribute around 27 to 39 percent of UNTR’s net profit in early 2026, depending on the gold price assumption,” Everson wrote in his research note dated Wednesday, Jan 21, 2026.

On the technical side, analyst Herditya Wicaksana, known as Didit, from MNC Sekuritas said ASII still offered short term trading opportunities.

“Technically, we recommend ASII as a trading buy near support at Rp 6,425 with resistance at Rp 6,650 and targets of Rp 6,800 to Rp 6,925, while UNTR remains a wait and see with support at Rp 27,125 and resistance at Rp 27,475,” he told Investortrust.id.

Separately, management of PT Agincourt Resources responded to the reports, saying it learned of the permit revocation through media coverage.

“Until now, the company cannot provide comments as we have not received any official notification or detailed information regarding the decision,” wrote Senior Manager of Corporate Communications Katarina Siburian Hardono.

She said the company respected the government’s decision and would safeguard its rights in line with prevailing regulations. “The company upholds good corporate governance principles and remains committed to complying with all regulations,” she said.