Beware, Impact of New Stock Exchange Rules! OJK and BBM Announcements Today
Indonesia’s financial markets are expected to revive this week. For more details on today’s market projections and the week ahead, see page 3 of this article.
The Composite Stock Price Index (IHSG) closed weaker on Thursday (2/4/2026). The IHSG fell 157.66 points or -2.19% to 7,027.64.
A total of 558 stocks declined, 184 rose, and 216 were unchanged. Trading value reached Rp 12.3 trillion, involving 23.43 billion shares in 1.75 million transactions. Market capitalisation also dropped to Rp 12,305 trillion.
Over the week, the IHSG plummeted 1% with net selling reaching Rp 2.95 trillion.
Although not detailing the scenario for the US exit from the conflict, Trump stated that attacks on Iran would be carried out very harshly in the next two to three weeks.
Meanwhile, in the bond market, the yield on Government Securities (SBN) closed at 6.62% on Thursday, the last trading day of the previous week (2/4/2026). This yield has actually eased significantly from 6.85% in the previous week’s trading.
The easing of yields signals strengthening SBN prices as they are sought by investors.
From the US stock market, Wall Street closed mixed on last Thursday, the final trading day due to Good Friday.
The Dow Jones Industrial Average fell 0.13% to 46,504.67 points, the S&P 500 rose 0.11% to 6,582.69 points, and the Nasdaq Composite strengthened 0.18% to 21,879.18.
Weekly, the S&P 500 rose 3.36%, Nasdaq surged 4.44%, and Dow gained 2.96%. The small-cap Russell 2000 index rose 3.19%.
The US stock market was initially shaken but stocks in the US, which closed on Thursday, began to stabilise in the afternoon after Iran’s foreign ministry stated it was drafting a protocol with Oman to regulate traffic in the Strait of Hormuz. Additionally, the UK mentioned that dozens of countries are discussing ways to end the crisis, thus easing concerns over prolonged disruptions to global oil flows.
Stocks opened lower amid rising oil prices after US President Donald Trump signalled more aggressive attacks ahead of the Good Friday holiday, when markets will be closed.
“The stock market currently lacks strong conviction in any direction, but October oil prices indicate that the market expects this crisis to likely resolve by autumn,” said Michael Antonelli, market strategist at Baird, quoted from Reuters.
The CBOE Volatility Index, known as Wall Street’s fear gauge, fell to 23.87 points.
This recovery reflects investors’ cautious stance. The utilities sector, which typically offers stable income and dividends, rose 0.6%. Real estate stocks, which often benefit from stable rental income and perform well when investors seek certain cash flows amid uncertainty, rose 1.5%.
Conversely, consumer discretionary stocks fell 1.5% and were the worst performer that day, led by a 5.4% drop in Tesla following its first-quarter delivery report.
On the other hand, concerns in the private credit market have re-emerged after Blue Owl limited investor withdrawals from two funds focused on retail investors. The company’s shares were among the most actively traded in the final session of the week.
Trading volume on the US exchange reached 16.75 billion shares, compared to an average of 17.82 billion over the last 20 trading days.
Further developments regarding Elon Musk’s SpaceX will also be in focus after the company secretly filed for an initial public offering (IPO) in the US on Wednesday, targeting a valuation of around US$1.75 trillion.
US nonfarm payroll data on Friday will be noteworthy, after weekly jobless claims fell last week, although US markets will remain closed throughout the long weekend.
Globalstar shares surged after reports that Amazon is in talks to acquire the low-Earth orbit satellite communications company.
Early this week, market conditions are expected to remain relatively quiet from major data releases.
War developments, new stock exchange rules, and government press conferences will drive the market today.
War Developments
US President Donald Trump has posted on social media full of expletives, where he threatened to destroy power plants and bridges in Iran if the country fails to meet Tuesday’s deadline to reopen the Strait of Hormuz to all shipping.
He repeated previous threats to unleash “hell,” but told US media there is a “good chance” of reaching a deal with Tehran.
Iran mocked the ultimatum, calling it a “desperate, nervous, and foolish action.”
Trump’s latest threat came after he announced that the second crew member from a US fighter jet shot down over Iran has been successfully rescued in an operation inside highly dangerous territory.
After the F-15 aircraft was shot down on Friday, both the pilot and the second crew member ejected, with the pilot found shortly afterwards.
The US and Iran then raced to find the remaining US military personnel in the mountainous region in southwestern Iran.
This incident occurred after more than a month of war, when Iran continues to respond to US and Israeli airstrikes with attacks on US and Israeli ally Gulf Arab countries.
Iran has also halted normal transportation activities through the vital Strait of Hormuz, triggering a sharp surge in global oil prices and concerns over rising inflation worldwide.
The closure prompted Trump in March to set a series of deadlines for Iran to reopen the strait. On Sunday, he reiterated the demand through his Truth Social platform.
He said: “Tuesday will be Power Plant Day and Bridge Day, all at once, in Iran. There will not”