Swan.my.id - Jakarta, stocks below Rp50 attracted market attention after several shares surged while the Indonesia Stock Exchange Composite Index (IHSG) fell sharply on Monday, September 28, 2026. The new minimum price mechanism has given these shares more room to move below the previous Rp50 level.
The IHSG dropped 1.51% to 6,147.86 during the session. However, several low-priced stocks rose to the Auto Rejection Atas (ARA) limit, showing a sharp contrast between the broader market and selected speculative counters.
PT Pelayaran Tamarin Samudra Tbk (TAMU) recorded one of the strongest gains. Its shares climbed 34.62%, or Rp9, to Rp35 per share. PT Berlian Laju Tanker Tbk (BLTA) also advanced 34.38% to Rp43.
Stocks Below Rp50 Surge During Market Pressure
Several other low-priced stocks also posted significant gains. PT Mitra International Resources Tbk (MIRA), PT Pan Brothers Tbk (PBRX), and PT PP Property Tbk (PPRO) each strengthened by 33.33%.
The movement came as the broader market faced heavy pressure. The new price limit allows shares that previously remained at Rp50 to move lower. At the same time, even small nominal changes can create large percentage movements.
Elandry Pratama, an analyst and Branch Manager at Panin Sekuritas Pondok Indah, said the new lower price boundary gives low-priced shares greater flexibility. However, he stressed that a low nominal price does not automatically mean a cheap valuation.
“However, a cheap nominal price does not automatically mean a cheap valuation,” Elandry told Kontan on Monday.
Analysts Warn Against Judging Shares by Price Alone
Elandry urged investors to examine several fundamental factors before making a decision. These factors include revenue and profit growth, cash flow, debt position, business prospects, corporate actions, and the issuer’s valuation.
Investors should also compare price movements with trading volume and the sustainability of accumulation. A rapid price increase without stronger fundamentals or adequate liquidity may reflect trading momentum rather than a lasting improvement in the company’s prospects.
As a result, stocks below Rp50 can offer substantial percentage movements, but they also carry a higher risk of sudden price swings. Investors who focus only on the nominal price may overlook important differences in business performance and financial condition.
New Price Mechanism Creates Wider Price Discovery
Capital market practitioner and WH-Project founder William Hartanto said the change in the minimum price rule has helped increase interest in low-priced shares. The lower share price also reduces the capital needed for a transaction.
Moreover, a small change in nominal value can produce a relatively large percentage gain. William said the market remains in an adjustment phase. In his view, stocks below Rp50 may attract more attention when investors recognize the potential for higher percentage returns.
Nevertheless, the same mechanism can intensify selling pressure. PT GoTo Gojek Tokopedia Tbk (GOTO) fell 14% to Rp43. PT MNC Tourism Indonesia Tbk (KPIG) and PT Lippo Karawaci Tbk (LPKR) also dropped 14% to Rp43.
William said the declines indicate that the market is still adapting to the new mechanism. For low-priced shares, price movements do not always reflect changes in the issuer’s fundamentals.
Volatility Remains the Main Risk
Elandry said the declines in GOTO and LPKR did not automatically signal weaker company fundamentals. Instead, the new price boundary gives the price discovery process more room to operate when selling pressure rises.
Therefore, the main driver behind the surge in stocks below Rp50 is not simply their low price. The new rule has removed a previous constraint at Rp50 and opened wider room for price volatility.
This condition may benefit momentum traders who seek rapid percentage gains. However, it also raises the risk of sharp reversals. Investors need to assess liquidity, trading volume, financial performance, and business prospects before following a sudden rally.
With the market still adjusting, low-priced shares may continue to attract attention. Even so, their movements require careful analysis because a large percentage gain can occur without a corresponding improvement in the company’s underlying performance.
