Breaking: IHSG Suddenly Plunges 1.04% to 7,032

Jakarta, CNBC Indonesia - The Composite Stock Price Index (IHSG) suddenly plunged more than 1% during this morning’s trading on Tuesday (28/4/2026).

The IHSG opened trading with a rise of up to 0.5%. However, towards the end of the first session, the IHSG reversed direction and fell 74 points or -1.04% to the level of 7,032.98.

The IHSG declined in tandem with profit-taking actions in Amman Mineral (AMMN) shares. Shares of this mining company owned by Agoes Projosasmito and Salim dropped 2.78% to 5,250.

For information, in yesterday’s trading, AMMN surged 8% to 5,400. AMMN had acted as a safeguard preventing the IHSG from collapsing too deeply.

This morning, AMMN shares became the main drag on the IHSG with a weighting of -6.84 points.

Besides AMMN, almost all gold mining issuers recorded corrections in today’s trading.

Moreover, markets in the region were mostly experiencing corrections. Japan’s Nikkei index fell 0.5%, HSI -0.26%, ASX 200 -0.51%. In contrast, Korea’s Kospi rose 0.45%.

Entering Tuesday’s trading (28/4/2026), domestic financial market players will be monitoring several important sentiments from both home and abroad. Externally, the main focus is on the Bank of Japan (BOJ) interest rate decision, which will be announced today.

Meanwhile, domestically, market attention will be directed towards developments in Indonesia’s capital market, ranging from the outcome of the Financial Services Authority (OJK) meeting with MSCI, the cabinet reshuffle under President Prabowo Subianto, to statements from Finance Minister Purbaya Yudhi Sadewa regarding the IHSG outlook and the government’s economic growth target.

At the same time, Finance Minister Purbaya Yudhi Sadewa provided an outlook on Indonesia’s economy and stock market.

This statement was delivered at the Inauguration of the Planned and Periodic Investment Programme (PINTAR) for Mutual Funds and the Opening of Mutual Funds Week 2026 at the Indonesia Stock Exchange (BEI) building on Monday (27/4/2026).

Purbaya is confident that the Composite Stock Price Index (IHSG) has the potential to break through the 28,000 level by 2029-2030. According to him, this projection is not impossible if Indonesia’s economic expansion continues until the end of this decade.

“Let’s say it’s now 7,000. Our expansion will continue until 2029-2030. That’s what I say, it could be 4-5 times. It could reach 28,000 at worst. They say Purbaya is crazy,” he said.

Purbaya believes this projection is not excessive. He compared it to the previous period, when the IHSG was at the 400 level in 2002 and then rose to around 2,500 in 2009. That means, during that period, the IHSG surged several times over.

According to Purbaya, the opportunity for a significant IHSG rise remains open if Indonesia’s economic growth can be maintained at a high level. He even previously believed the IHSG could reach 10,000 by the end of this year, although the financial markets are still overshadowed by global uncertainties.

This optimism is also linked to the increasing participation of young investors in the capital market. Purbaya noted that investors from the Gen Z generation have reached around 57%, thus becoming one of the long-term supports for capital market growth.

On the same occasion, Purbaya also emphasised that the government is serious about pursuing the 8% economic growth target by 2029. According to him, the government has already begun major reforms, including in the Directorate General of Taxes (DJP) and the Directorate General of Customs and Excise.

“What we’re implementing is no joke. The reforms we’re fixing are real reforms. In the first three months, my tax growth was 20%, and it will be more later. Customs and excise also have reforms, and the others we’ll reform quickly,” said Purbaya.

On the development spending side, Purbaya mentioned that President Prabowo Subianto has given significant room to Coordinating Minister for Economic Affairs Airlangga Hartarto to accelerate government strategic programmes, one of which is through the Task Force for Accelerating Government Strategic Programmes (Satgas P2SP).

With the acceleration of these programmes, Purbaya believes that 6% economic growth is already within the government’s reach. This figure is described as the initial capital to pursue higher growth targets.