Trump's Tantrum Strikes Again, IHSG Slumps Once More

Jakarta, CNBC Indonesia — The Composite Stock Price Index (IHSG) slumped at the end of the first session, in line with renewed investor anxieties on Thursday (2/4/2026). The IHSG settled at 7,094.53, down 89.91 points or -1.25% at the lunch break. A total of 463 stocks declined, 234 rose, and 261 remained unchanged. Trading value reached Rp 6.88 trillion, involving 13.33 billion shares in 1.02 million transactions. Market capitalisation also eroded again to Rp 12,461 trillion. Citing Refinitiv, utilities, basic materials, and technology were the sectors that fell the most, with declines of -5.98%, -3.29%, and -2.55% respectively. Several conglomerate stocks were observed as the main drags. Barito Renewables Energy (BREN) shares were the heaviest weight, contributing -13.84 points. This Prajogo Pangestu-owned issuer fell 6.82% to 5,125. Then, DCI Indonesia (DCII) owned by Toto Sugiri and Amman Mineral Internasional (AMMN) owned by Agus Projo and Salim contributed -7.81 points and -7.75 points respectively. The correction today came after the IHSG closed up nearly 2% the previous day. In yesterday’s trading, market anxieties eased along with hopes that the Iran war with the United States and Israel would subside. However, in his latest speech, US President Donald Trump emphasised that the “Epic Fury” operation in Iran would continue until all strategic objectives were achieved. The ultimate strike would soon be launched. Trump stated that in the next two to three weeks, the US would launch a “very hard” attack on Iran, causing significant impact. “We will take them back to the Stone Age,” he said in his state of the union address at the White House on Wednesday (1/4/2026) evening local time. He also reiterated that regime change was not the main goal of the operation, although he noted that many Iranian leaders had been killed during the conflict. He also warned that if no agreement was reached soon, the US was prepared to attack Iran’s critical infrastructure, including power plants, simultaneously. However, Trump added that Iran’s oil facilities were not yet a target, although he said they were the easiest to destroy. In his statement, Trump also claimed that Iran’s air defence capabilities had been crippled. “They have no air defence. Their radars are destroyed. We are unstoppable,” he said. Trump also highlighted the impact of strikes on Iran’s nuclear facilities previously hit by B-2 bombers. He said the damage caused was so severe that it would take months before the area could be approached again. He further emphasised that the US would strike again if Iran tried to revive its programme. “We hold all the ‘cards’,” said Trump. In line with this, oil prices boiled over again. Based on Refinitiv data at 09:17 WIB, Brent was recorded at US$105.61 per barrel, up more than 4%. Similarly, West Texas Intermediate (WTI) rose to US$97.44 per barrel from US$103.94, or surging 3.95%.