Global Stagflation "Haunts" IHSG: What Survival Strategies for Investors?

JAKARTA, KOMPAS.com - The spectre of global stagflation is beginning to haunt the domestic capital market. It could even become the main factor pressuring the Composite Stock Price Index (IHSG). The IHSG recorded a decline of 0.99% over the past week, or the period from 30 March to 2 April 2026. Meanwhile, the capitalisation of the Indonesia Stock Exchange (BEI) rose by 1.69%. Capital market analyst and Founder of Republik Investor, Hendra Wardana, assesses that the current global market conditions are in an unideal phase. According to him, tensions between the United States and Iran have driven world oil prices to breach the US$100 per barrel level, sparking concerns over stagflation, a combination of high inflation and economic slowdown. “This is what explains why the IHSG corrected quite deeply, dropping 2.19% to the level of 7,026 (at Thursday’s trading close this week), in line with the weakening of most Asian and European exchanges,” Hendra told Kompas.com on Sunday evening (5/4/2026). From the domestic side, additional sentiment comes from the Indonesia Stock Exchange’s move to release a list of stocks with high ownership concentration. That policy essentially aims to enhance market transparency and provide early warnings to investors regarding potential liquidity and price volatility risks. Hendra views stocks with highly concentrated ownership as tending to be more easily manipulated by certain parties, so when selling pressure occurs, the correction can be deeper. Especially if those stocks have large market capitalisation and significant weight in the index, the impact on the IHSG becomes more pronounced. This is evident in stocks such as PT Dian Swastatika Sentosa Tbk (DSSA), PT Barito Renewables Energy Tbk (BREN), PT Barito Pacific Tbk (BRPT), and PT Amman Mineral Internasional Tbk (AMMN), which faced sharp pressure and became drags on the index. “This condition keeps the IHSG’s movements in the short term tending towards a weakening consolidation phase,” he explained. In addition, approaching the long holiday period, market liquidity usually tends to decrease, and investors opt for a wait-and-see approach, which further amplifies volatility potential. Nevertheless, amid market pressures, selective opportunities still exist in certain stocks that have relatively strong fundamentals or receive positive sectoral sentiments.