WIFI Anjlok 9% Following Hashim Djojohadikusumo Withdrawal from Board of Commissioners

Berdasarkan data pergerakan Indeks Harga Saham Indonesia (IHSI) danENV perJaparan (2/10/2026), saham PT Solusi Sinergi Digital Tbk (WIFI) langsung Registered an ‑9% andin the first hour Friday trading, ‑‑closing the morning at the 1,465 level. This is a fairly rare move and confirms that negative sentiment is ‑dominant. ‑Behind the movement there is news that Hashim Djojohadikusumo resigned from the company's board of commissioners. However, rather than instantly approaching the lowest level in months, WIFI is still ‑‑entering the build‑up range of the past year.

Panels and The ‑Nature of The Correction

Understanding a 9% fall, we need to separate the ‑‑absolute value from the relative value. The absolute ‑‑loss for an investor is roughly Rp145 per share if they bought at the previous closing price of around Rp1.610. The relative ‑‑drop of 9% itself is still within the daily limit of 20% (the auto rejection limit) set by the Indonesian Stock Exchange. In other words, this move is significant but still not included in the category of ‑panic selling.

The ‑‑timing is what makes this interesting. The ‑selling ‑pressure emerged less than an hour after ‑opening, not ‑closing. ‑This pattern usually indicates that ‑‑news‑‑driven orders (from algorithmic or stop‑loss orders) were stacked on the sell side. ‑Trading ‑volume tends to ‑expand in the ‑morning session when liquidity is still thick, so the ‑movement can be amplified by ‑‑thinish liquidity rather than purely by fundamental deterioration.

From The Fundamental Side: What Actually Changed?

On the one hand, a change in the board of commissioners is indeed important. The board of commissioners functions as a supervisory and advisory body that oversees the board of directors and protects shareholder interests. A resignation from this position can be interpreted in two ways: first, a ‑‑‑disagreement with the company's strategic direction or corporate governance; second, a personal or professional issue. If the resignation is accompanied by a ‑‑‑clear statement in the company's disclosure, the market will get clearer signals.

On the other hand, the core business fundamentals of WIFI have not ‑‑changed overnight. The company operates in the telecom and broadband infrastructure segment, a sector with relatively stable ‑‑‑demand for internet access, especially ‑‑‑supported by the digital economy and ‑‑‑data consumption trends. Revenue and earnings do not automatically drop because one commissioner leaves. Therefore, a 9% decline may be an overreaction to the ‑‑‑news rather than a ‑‑‑‑accurate reflection of the company's cash flow.

"The market is fast in pricing bad news and slow in pricing recovery. One resignation is not a ‑‑fundamental, but the market does not want to wait for clarification."

Sentimen Pasar dan Reaksiodal

The ‑‑‑‑dominant pattern today reflects risk‑off behavior. When a company with a large free float experiences unexpected governance news, short‑‑term oriented funds and retail investors often use the momentum to ‑‑‑‑‑reduce positions. The ratio between buy and sell orders becomes a crucial indicator: if the ‑‑‑‑‑ask volume is far greater than the bid volume, the decline tends to continue into the afternoon session.

However, there is a side that argues for a contrarian view. A9% drop means the valuation is getting cheaper. If the company's fundamentals remain intact, this level can attract long‑term money that buys on weakness. The ‑‑‑‑key question is: does the resignation open the door to further ‑‑‑‌‏‑tensions in governance, or does it end with a clean transition? The answer will be seen in the ‑‑‑‌‏‌‑weeks following the company's official disclosure and RUPS.

Things to Watch for ‑‑‌َInvestor

First, monitor the company's official disclosure regarding the reasons for the resignation and whether the position is ‑‑‑‑filled in the near term. Second, watch the price range of Rp1.465 as a psychological support level. Third, pay attention to the ‑‑‑‑‑‑ratio of trading volume to free float, as well as net foreign flow. If there is ‑‑capital outflow, the decline may ‑‑‑‑extend; if volume shrinks while the price stabilizes, that indicates the ‑‑‑‑‑selling is exhausted.

Conclusion

WIFI's 9% decline following Hashim Djojohadikusumo's resignation from the board of commissioners is a ‑‑‑useful ‑case study in how the market reacts to governance news. Di satu sisi, the move shows that investor concern over corporate governance is real and should not be ignored. Di sisi lain, a single personnel change is not a reason to overhaul a valuation entirely. For now, the wisest approach for ‑‑‑‑portfolio holders is to observe the company's disclosure, track the sentiment and liquidity movements, and avoid making a ‑‑‑decision purely based on a one‑day spike.