These Conglomerate Stocks Won and Lost During Ramadan: What Will Happen Tomorrow?

Jakarta, CNBC Indonesia - During the Ramadan period from 19 February to 17 March 2026, the movements of conglomerate stocks on the Indonesia Stock Exchange appeared rather unencouraging. The performance of conglomerate stocks is again awaited when the exchange reopens on Wednesday (25/3/2026). From the 43 conglomerate stocks compiled by CNBC, only 12 stocks managed to record price increases, while the rest weakened. The best performance came from stocks within the business circle of Garibaldi Thohir or Boy Thohir. Several stocks related to this group performed as top performers during Ramadan. For example, PT Samator Indo Gas (AGII) surged more than 57%, followed by EMAS which rose around 30%. Other stocks such as PT ESSA Industries Indonesia Tbk (ESSA), PT Adaro Andalan Indonesia Tbk (AADI), PT Alamtri Resources Indonesia Tbk (ADRO), and PT Merdeka Copper Gold Tbk (MDKA) also recorded positive performances. The strong performance of these stocks is not detached from their business exposures in strategic commodity sectors. From gold, industrial gas, copper, to energy, these sectors are indeed receiving positive sentiments in the global market. Demand for energy-related commodities and industrial raw materials remains strong amid the volatile war in the Middle East. On the other hand, several stocks from other conglomerate groups experienced considerable pressure during the same period. One of the most affected came from the group owned by Prajogo Pangestu. Several stocks under the Barito Group recorded sharp corrections, especially PTRO, which became the stock with the worst performance in this list. Throughout the Ramadan period, PTRO stock fell more than 42%, making it the most miserable conglomerate stock. Besides PTRO, several other stocks in the same ecosystem such as BREN, TPIA, and CUAN also faced significant price pressures. This correction indicates that although some commodity sectors are benefiting from global trends, not all resource-related stocks can maintain momentum in the market. The performance of conglomerate stocks is estimated to face pressure when the stock exchange reopens tomorrow. This is because many external pressures have not yet been absorbed by the Indonesian stock market due to the long Eid holiday. Meanwhile, global uncertainty is increasing due to US President Donald Trump’s continuous manoeuvres and statements that trigger concerns. The Composite Stock Price Index (IHSG) has also not yet been affected by the US central bank’s Federal Reserve (The Fed) decision to maintain interest rates at 3.50-3.75%. The Fed is also projected to cut rates once this year, although oil prices are surging due to the war with Iran. This projection is more pessimistic than before, which was two cuts. The Fed announced the interest rates on Wednesday US time or Thursday early morning Indonesian time (19/3/2026) after holding a two-day Federal Open Market Committee (FOMC) meeting. Overall, the data shows that the movements of conglomerate stocks during Ramadan tended to experience more pressure than increases. However, amid these conditions, stocks with strong exposure to strategic commodities stood out as exceptions and became the drivers of market gains.