Foreign Investors Buying MDKA Shares in Large Numbers, What Are the Price Prospects?

Foreign investors have again shown interest in shares of PT Merdeka Copper Gold Tbk with the issuer code MDKA.

Based on trading data for the week of September 19–23, 2026,MDKA shares recorded net foreign purchases of aroundRp149.6 billion, to be one ofthe shares most collected by foreign investors when the JCI actually weakened.

MDKA is a mining company specializing in gold, copper, nickel, and related minerals. This issuer is also frequently searched for using the keyword "Merdeka Gold Copper."

Based on the IDX profile, MDKA has been listed on the main board since June 19, 2015 and has a number of strategic shareholders, including Saratoga Investama Sedaya, Mitra Daya Mustika, Garibaldi Thohir, and Suwarna Arta Mandiri.

Key Takeaways

• Foreign investors net purchased approximately IDR 149.6 billion of MDKA shares between September 19–23, 2026.

• TradingView snapshot shows MDKA's share price at around Rp2,920, up 0.33% in a day, with a year-to-date performance of around 34.06%.

• MDKA's prospects are supported by the growth of the Pani Gold Mine and diversification into gold, copper, and nickel, but it still faces the risk of dilution due to the private placement.

MDKA Share Price Today and Foreign Buying Flow

On a TradingView snapshot accessed on September 28, 2026, MDKA's share price was around Rp2,920 per share, going up 0.33% in 24 hours. 

Its market capitalization is recorded at aroundRp74.93 trillion. In the year to date period, MDKA shares have strengthened by around 34,06%, while its one-year performance reached around 32,90%.

Stock prices may differ between platforms because data update times are not always the same.

Therefore, these figures should be treated as snapshots, not fixed prices.

Foreign purchases of Rp149.6 billion indicate interest in MDKA, while foreign investors overall still recorded a net sell in the Indonesian stock market.

However, the flow of foreign funds does not automatically cause prices to continue to rise.

In May 2026, MDKA also recorded a net foreign inflow of IDR 451.7 billion, but its share price fell 21.28% in five days.

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Why Do Foreign Investors Buy MDKA Shares?

One reason that may be of interest to investors is the development of the Pani Gold Mine.

In its second quarter 2026 report, Merdeka recorded sales of main products amounting toUS$775.6 million. 

The Pani Mine also recorded production of 15,594 ounces of gold in the quarter and targeted to produce around 100,000–115,000 ounces of gold throughout 2026.

MDKA also has a portfolio that does not only rely on gold.

The Company manages the Wetar Copper Mine, the Tujuh Bukit Copper Project, and has exposure to the nickel business through Merdeka Battery Materials.

In the long-term project, the renewal of the Tiger Cave resource reaches 276 million tonnes with a content of around 2 million ounces of gold and 430 thousand tonnes of copper.

In addition, the gold sales collaboration with ANTAM provides a production absorption channel from the Tujuh Bukit Gold Mine and the Pani Gold Mine.

The agreement covers a transaction volume of approximately 3 metric tons of gold per year for two years, with an option to increase the volume.

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MDKA Stock Price Outlook: Positive, but Remains Volatile

Indo Premier Sekuritas recommends MDKA shares to be closely monitored with a target price ofRp3.300. 

Compared to the TradingView price of Rp2,920, this target indicates a potential increase of around 13%.

Analyst targets remain projections, not guarantees that prices will be achieved.

The main risk stems from the planned private placement of up to 2.44 billion new shares, which has the potential to raise around Rp7.58 trillion.

The action is intended for working capital and expansion, but could result in a maximum dilution of approximately 9.09% for existing shareholders.

Thus, MDKA's stock prospects are likely to be attractive for the medium term if Pani's production increases, commodity prices remain supportive, and expansion proceeds as planned.

However, investors still need to monitor production realization, foreign capital flows, debt structure, private placements, and global market conditions.

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FAQ

What is the MDKA share price today?

A TradingView snapshot on September 28, 2026 shows MDKA's price at around IDR 2,920 per share, up 0.33% in 24 hours.

How much do foreign investors buy MDKA shares?

Foreign investors recorded a net purchase of approximately IDR 149.6 billion in MDKA shares during the period of September 19–23, 2026.

Why do foreign investors buy MDKA shares?

This interest may be related to the prospects of the Pani Gold Mine, gold and copper diversification, and the potential growth of the nickel business.

Is the outlook for MDKA shares still positive?

The prospects remain fundamentally attractive, especially if Pani's production increases and gold prices remain strong. However, price movements are subject to fluctuations.

What are the main risks of MDKA shares?

Key risks include commodity price volatility, project delays, cost pressures, global market conditions, and potential dilution due to private placements.