IHSG Suddenly Reverses Course to Red Zone This Morning, What's Happening?

Jakarta, CNBC Indonesia — The Composite Stock Price Index (IHSG) suddenly reversed course to the red zone this morning, Tuesday (28/4/2026). The IHSG began trading with a rise of up to 0.5%. However, within 20 minutes of trading, the IHSG turned around and fell 51.59 points or -0.73% to the level of 7,054.93. The IHSG declined in line with profit-taking action in Amman Mineral (AMMN) shares. Shares of the mining company owned by Agoes Projosasmito and Salim fell 2.78% to the level of 5,250. For information, in yesterday’s trading, AMMN surged 8% to the level of 5,400. AMMN also acted as a guardian for the IHSG to prevent it from collapsing too deeply. This morning, AMMN shares became the main drag on the IHSG with a weight of -3.8 points. Moreover, markets in the region are mostly experiencing corrections. Japan’s Nikkei Index fell 0.5%, HSI -0.26%, ASX 200 -0.51%. In contrast, the Kospi in Korea rose 0.45%. Entering Tuesday’s trading (28/4/2026), market participants in Indonesia will monitor several important sentiments from both domestic and international sources. Externally, the main focus is on the Bank of Japan’s (BOJ) interest rate decision, which will be announced today. Meanwhile, domestically, market attention will be directed towards developments in Indonesia’s capital market, starting from the results of the Financial Services Authority (OJK) meeting with MSCI, the cabinet reshuffle of President Prabowo Subianto, to statements from Finance Minister Purbaya Yudhi Sadewa regarding the IHSG prospects and the government’s economic growth target. Meanwhile, Finance Minister Purbaya Yudhi Sadewa provided prospects for 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, Monday (27/4/2026). Purbaya believes the Composite Stock Price Index (IHSG) has the opportunity 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 assessed that 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 rise in the IHSG remains open if Indonesia’s economic growth can be maintained high. He even previously believed the IHSG could reach the 10,000 level 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 mentioned that investors from the Gen Z group 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 begun carrying out major reforms, including in the Directorate General of Taxes (DJP) and the Directorate General of Customs and Excise. “What we’re running is not playing around. The reforms we’re fixing are real reforms. In the first three months, my tax grew 20%, and it will be more later. Customs and excise also have reforms, and the others we will reform quickly,” said Purbaya. From the development spending side, Purbaya mentioned that President Prabowo Subianto has given significant room to the Coordinating Minister for Economic Affairs, Airlangga Hartarto, to accelerate development programmes, one of which is through the Task Force for Accelerating Strategic Government 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 said to be the initial capital to pursue higher growth targets.