Bisnis-27 Index Opens Weaker, but ADRO and PGEO Among Others Still Gain
Shares in the Bisnis-27 index constituents, such as ADRO and PGEO, opened stronger in trading on Friday (24/4/2026), even as the index began the session in negative territory.
According to IDX Mobile at 09:03 WIB, this daily collaboration index from Bisnis Indonesia fell 0.14% to 487.82. The market started trading with transactions of 222.2 million shares worth Rp496.8 billion.
Seven constituent stocks opened higher. These include PT Adaro Energy Indonesia Tbk. (ADRO), which rose 0.40% to Rp2,520, followed by PT Astra International Tbk. (ASII) up 2.37% to Rp6,475, PT Bumi Resources Tbk. (BUMI) up 0.87% to Rp232, and PT Vale Indonesia Tbk. (INCO) up 1.87% to Rp6,825.
Next, PT Pertamina Geothermal Energy Tbk. (PGEO) opened stronger by 0.98% to Rp1,035, and PT Telekomunikasi Indonesia (Persero) Tbk. (TLKM) began trading with a 1.39% increase to Rp2,920.
The performance of the Bisnis-27 index this morning aligns with overall market conditions. The Phintraco Sekuritas research team stated that the Indonesian stock market is still under pressure from sentiment surrounding the weakening rupiah exchange rate. The Composite Stock Price Index (IHSG) closed down 2.16% at 7,378.61 on Thursday (23/4), and opened this morning down 0.27% at 7,358.
Technically, the IHSG has broken down below the 7,500 support level with supporting volume. The positive MACD histogram is narrowing further and could form a death cross, while the stochastic RSI is trending downwards in the pivot area. The IHSG is expected to continue weakening, closing with a gap down at 7,308 and testing the 7,300 level.
“Negative sentiment also stems from the rupiah’s weakening, which briefly touched Rp17,300 per US dollar and closed at Rp17,286 per US dollar in the spot market. This is the worst closing level for the rupiah on record and represents the deepest depreciation in Asia,” the securities firm wrote on Friday (24/4/2026).
Analysts assess that this relatively rapid weakening of the rupiah is beyond prior market estimates. Currently, the rupiah exchange rate is pressured by the burden of crude oil imports, whose prices have surged due to the Middle East conflict.
The prolonged closure of the Strait of Hormuz has kept oil prices high, with Brent crude briefly touching US$103 per barrel and West Texas Intermediate (WTI) crude rising to US$98 per barrel. This situation raises concerns about potential inflation and widening budget deficits.
Looking at domestic financial market data, broad money supply (M2) grew 9.7% year-on-year to Rp10,355 trillion in March 2026, accelerating from 8.7% year-on-year growth in February 2026. This increase was driven by a 14.4% year-on-year rise in M1 circulation and 5.2% year-on-year in quasi-money.