Middle East Conflict Triggers ANTM Surge, Composite Index Weakens
Jakarta – PT Aneka Tambang Tbk shares strengthened in early trading on Monday, 2 March 2026, amid the Iran, Israel, and United States conflict. Indonesia Stock Exchange data at 09:15 Western Indonesian Time showed ANTM shares at Rp 4,500 per share, up 150 points or 3.45 per cent from the previous close.
ANTM opened at around Rp 4,350. The price surged to touch Rp 4,630 before profit-taking occurred, with shares subsequently trading consolidatively and returning to the Rp 4,500 level.
The Composite Stock Price Index opened weaker, declining 135.745 points or 1.65 per cent to 8,099.740. The index briefly rose to 8,132.094 before facing pressure and touching 8,039.508.
Trading volume reached 13.919 billion shares with transaction value of Rp 7.531 trillion. Transaction frequency recorded 937,428 times.
Capital market observer and founder of Investor Republic, Hendra Wardana, assessed that the Middle East conflict has driven the market into a risk-off phase, with global investors reducing risky assets and shifting to safe-haven alternatives.
“The escalation of the Iran, Israel, and United States conflict is not merely a political issue but has entered the realm of global economic risk. The market has immediately responded with a risk-off pattern. Global investors tend to exit risky assets and seek protection in safe-haven assets,” said Hendra when contacted by Kompas.com on Sunday, 1 March 2026.
Gold prices strengthened by more than 1 per cent, whilst West Texas Intermediate and Brent crude oil rose nearly 3 per cent.
“Gold prices strengthened by more than 1 per cent, whilst WTI and Brent crude oil rose nearly 3 per cent. This increase is driven by concerns over disruptions to energy supplies from the Middle East,” he explained.
The Strait of Hormuz has become the focus of market participants. Approximately 30 per cent of global oil trade passes through this route. Disruptions on this route could potentially push oil prices even higher.
“For Indonesia’s capital market, pressure could come from two sides. First, potential capital outflows as foreign investors reduce exposure to emerging markets. Second, the risk of imported inflation due to surging energy prices,” Hendra stated.
Should oil prices remain elevated, operating costs for listed companies would rise and profit margins would be pressured. The IHSG could test support at 8,133. If breached, the 8,000 level would be the next area. The nearest resistance is around 8,300.
The commodities sector was assessed as having potential to support the index. Mining and energy stocks received positive sentiment from rising gold and oil prices.
Hendra recommended PT Merdeka Copper Gold Tbk with a target of Rp 3,900 and PT Aneka Tambang Tbk with a target of Rp 4,500 as trading buys.
PT Elnusa Tbk was deemed attractive with a target of Rp 900. PT Energi Mega Persada Tbk is targeted at Rp 1,900. PT AKR Corporindo Tbk falls into the speculative buy category with a target of Rp 1,400.
PT Soechi Lines Tbk was also considered worthy of attention with a target of Rp 750 given increased activity and rising energy transportation tariffs.