US-Iran Conflict Shakes Indonesian Stock Exchange, Composite Index Closes Down 2.66%
Jakarta — The Jakarta Composite Index (IHSG) declined substantially in late trading on Monday, 2 March 2026, dropping 218.66 points or 2.66% to close at 8,016.83.
A total of 113 shares gained value, 704 declined, and 141 remained unchanged. Transaction values were notably high at Rp29.77 trillion, involving 54.08 billion shares across 3.61 billion transactions. Market capitalisation fell to Rp14.342 trillion.
Based on market data, Medco Energi (MEDC), Bakrie & Brothers (BNBR), and Energi Mega Persada (ENRG) recorded the three largest share transactions during trading today. However, these three stocks experienced divergent outcomes. MEDC increased 15.65% to 1,995, and ENRG rose 25% to 2,200, whilst BNBR declined 14.95% to 182.
According to Refinitiv data, only the energy sector remained in positive territory, with all other sectors in the red. Banking emitters and companies owned by Prajogo Pangestu served as the primary drags on the IHSG. Barito Renewables Energy (BREN) and Chandra Asri Pacific (TPIA) each contributed -17.58 and -13.48 index points respectively.
Bank Mandiri (BMRI) contributed -15.53 index points, Bank Rakyat Indonesia (BBRI) -14.15 index points, and Bank Central Asia (BBCA) -11.84 index points.
The IHSG’s collapse today resulted from the fallout of escalating conflict between the United States, Israel, and Iran following reports of Iran’s Supreme Leader Ali Khamenei’s death. This situation has triggered market concerns about potential disruptions to global energy supplies and heightened geopolitical tensions in the Middle East region.
In recent developments, Iran’s Supreme National Security Council Head Ali Larijani asserted that the country will not negotiate with the United States.
“We will not negotiate with the United States,” he wrote in a post on X on Monday, 2 March 2026.
Larijani wrote that Trump has plunged the region into chaos with his “fantasies” and now fears further casualties among American forces.
Previously, Trump urged Iranian citizens to rise up and overthrow the Islamic Republic one day after the joint US-Israel attack. It should be noted that this attack killed Iran’s Supreme Leader Ayatollah Ali Khamenei and several senior officials and figures, including former Iranian President Mahmoud Ahmadinejad.
“I call upon all patriotic Iranians who yearn for freedom to seize this moment to be brave, bold, heroic, and reclaim your country. America is with you,” Trump said in a video address.
Amid the heightened geopolitical situation, foreign investors recorded net buying of Rp32.1 billion across the entire market during the first trading session.
Adaro Andalan Indonesia (AADI) became the share with the largest foreign net buying at Rp168.2 billion, followed by Nusantara Sawit Sejahtera (NSSS) at Rp99.7 billion and Petrosea (PTRO) at Rp90.7 billion.