Jakarta. Shares of Bumi Resources (BUMI) and GoTo Gojek Tokopedia (GOTO) fell on Wednesday as foreign investors booked significant net sales in both companies.

According to Indonesia Stock Exchange (IDX) data, Bumi Resources (BUMI) shares slipped 1.52 percent, while GoTo (GOTO) declined 1.49 percent during Wednesday’s trading session.

More than 13.3 million BUMI shares changed hands across 193,500 transactions, with a total transaction value of Rp 2.6 trillion ($155.5 million). Meanwhile, 4.3 billion GOTO shares were traded in 23,490 transactions, amounting to Rp 292 billion ($17.5 million).

Data from Stockbit showed BUMI recorded the highest net foreign sell by volume, with foreign investors offloading 910.25 million shares. The stock closed at Rp 195. GOTO followed as the second-most sold stock by foreign investors, posting a net foreign sell of 162.47 million shares and ending the day at Rp 66.

BUMI’s decline came after a sharp rally in the previous session, as investors took profits following the company’s announcement that it had fully acquired 100 percent of Wolfram Limited (WFL).

Earlier, Bumi Resources Director Sri Dharmayanti explained that on Nov. 7, 2025, the company purchased 400,670 shares, representing 0.32 percent of WFL’s stake, for Rp 2.2 billion (AUD 200,000). WFL is a company incorporated under the laws of Western Australia.

GoTo’s stock, meanwhile, came under pressure amid renewed market chatter about a potential merger with Grab. The rumored tie-up is reportedly tied to broader discussions surrounding a planned presidential regulation on online motorcycle taxis. Danantara, Indonesia’s Sovereign Wealth Fund, is also expected to take part in the talks.

However, GoTo on Wednesday issued an official clarification denying any finalized deal with Grab.

“In response to recent media speculation regarding a potential transaction between GoTo Gojek Tokopedia and Grab, GoTo would like to clarify that, as of now, no decision or agreement has been made in relation to the matter,” said R.A. Koesoemohadiani, Director of Legal and Group Corporate Secretary at GoTo, in a statement.

Add as a preferred source on Google +