OPEC Turmoil: Purbaya Issues Important Announcement Ahead of Fed Meeting

Indonesia’s financial markets are expected to remain volatile today. For more on today’s market sentiment, see page 3 of this article.

The IHSG closed weaker by 0.48% at 7,072.39 on Tuesday’s trading (28/4/2026). This decline also marked a correction in the IHSG for seven consecutive trading days.

Throughout yesterday’s trading, 350 stocks weakened, 339 strengthened, and 129 remained unchanged. Transaction value reached Rp17.51 trillion, involving 31.94 billion shares in 2.14 million transactions.

Foreign investors also recorded net selling activity of Rp2.35 trillion in the domestic stock market.

Citing IDX data, pressure on the IHSG mainly came from several large-cap stocks. PT Amman Mineral Internasional Tbk (AMMN) was the biggest drag after falling 5.09% and pulling the IHSG down by 8.36 points.

Besides AMMN, PT Dian Swastatika Sentosa Tbk (DSSA) also remained a burden on the index. DSSA dropped 4.34% and pressured the IHSG by 7.05 points. This stock is still under pressure following market attention regarding MSCI sentiment and concentrated share ownership.

Other issuers that weighed on the index included PT Chandra Asri Pacific Tbk (TPIA), which fell 3.48% and dragged the IHSG by 4.13 points. PT Astra International Tbk (ASII) also corrected by 1.63% with a contribution of 3.99 points, followed by PT Bayan Resources Tbk (BYAN), which dropped 2.13% and pressured the IHSG by 3.97 points.

On the sectoral side, the majority of sectors were in the red. The deepest correction occurred in the primary consumer goods sector, down 1.61%, followed by the raw materials sector weakening 1.48%. The infrastructure sector fell 0.84%, technology weakened 0.73%, and energy corrected 0.42%.

However, not all sectors weakened. The financial sector still managed to strengthen by 0.92%, followed by the property and real estate sector up 0.27%, and the industrial sector gaining slightly by 0.10%.

Several large banking stocks also supported the index. PT Bank Rakyat Indonesia Tbk (BBRI) rose 0.66% and contributed 3.14 points to the IHSG. PT Bank Mandiri Tbk (BMRI) strengthened 0.68% with a contribution of 2.35 points, while PT Bank Central Asia Tbk (BBCA) rose 0.42% and supported the IHSG by 2.34 points.

In the currency market, the rupiah closed weaker against the US dollar on Tuesday’s trading (28/4/2026), amid the strengthening of the US dollar in global markets.

Throughout the trading session, the rupiah moved in the range of Rp17,185 to Rp17,245 per US dollar.

The rupiah’s weakening yesterday was not detached from external factors. Market participants again hunted the US dollar as a safe-haven asset amid uncertainty in negotiations between the United States and Iran.

The US dollar strengthened after US officials said President Donald Trump is sceptical about Iran’s latest proposal to reopen the Strait of Hormuz and end the war. Trump assessed that Iran has not shown good faith in the negotiations, especially regarding the US’s main demands for Tehran to halt nuclear enrichment and commit not to develop nuclear weapons.

This uncertainty also drove up global energy prices. Brent crude oil prices moved back above US$108 per barrel, in line with market concerns over supply disruptions from the Middle East region.

In such conditions, the room for rupiah appreciation becomes more limited. When the US dollar is again sought as a safe-haven asset, emerging market currencies, including the rupiah, tend to face greater pressure.

Shifting to the bond market, the yield on 10-year government securities (SBN) fell 0.51% to 6.779% at Tuesday’s close.

As a note, falling yields indicate rising SBN prices. This condition usually occurs when market participants start entering or buying SBN in the secondary market.

From the US stock market, Wall Street weakened on Tuesday or early Wednesday Indonesian time, burdened by reports showing weakness at OpenAI and rising oil prices.

The S&P index weakened 0.49% and closed at 7,138.80, while the Nasdaq Composite, dominated by technology stocks, fell 0.9% to 24,663.80.

The Dow Jones Industrial Average dropped 25.86 points or 0.05% to 49,141.93. The Dow’s decline was held back by a nearly 4% surge in Coca-Cola shares after the company reported earnings better than expected.

OpenAI recently experienced revenue growth and new user numbers below its internal targets, according to a Wall Street Journal report.

The report added that CFO Sarah Friar conveyed concerns to management that OpenAI might not be able to pay future computing contracts if revenue does not grow fast enough.

Technology and chip stocks fell after the report. The VanEck Semiconductor ETF (SMH) plunged around 3%. Nvidia fell more than 1%, while Broadcom weakened more than 4%. Advanced Micro Devices (AMD) dropped more than 3%, and Oracle corrected around 4%.

“This is just profit-taking due to caution ahead of what they will hear tomorrow from the earnings reports of most Magnificent Seven companies,” said Stephen Kolano, CIO of Integrated Partners, quoted from CNBC International.

Major financial reports will be the focus of the stock market this week, with five Magnificent Seven tech giants scheduled to release results. Alphabet, Amazon, Meta Platforms, and Microsoft will report on Wednesday, while Apple’s results are scheduled for Thursday.

Tuesday’s movements occurred after the S&P 500 and Nasdaq hit record highs on Monday. However, the market’s strengthening was held back because peace negotiations between the US and Iran appear to be at a deadlock.

Over the weekend, President Donald Trump cancelled plans to send US special envoy Steve Witkoff and Jared Kushner to Pakistan to discuss a ceasefire in Iran.

In a post on Truth Social, Trump said negotiations could be done by phone. Iran’s Foreign Ministry spokesman, Esmaeil Baqaei, said there are currently no planned meetings between Tehran and