Jakarta, Indonesia – Indonesian shares closed lower on Friday, with the Jakarta Composite Index (IHSG) falling 1.62% to 7,585.69, despite a late-session recovery. The decline followed earlier sharp drops triggered by selling pressure on stocks linked to Indonesian businessman Prajogo Pangestu.
The IHSG experienced significant intraday volatility, fluctuating between 7,500.09 and 7,700.32. A total of 581 stocks declined, although 181 rose, and 196 remained unchanged. Trading volume reached Rp 17.65 trillion, involving 31.17 billion shares across 1.89 million transactions. Market capitalization settled at Rp 13,627 trillion.
The initial downturn was largely attributed to declines in shares of Chandra Asri Pacific (TPIA) and Barito Renewables Energy (BREN), both controlled by Prajogo Pangestu. However, both companies staged a partial recovery towards the end of the trading day, with TPIA rising 17.67% and BREN gaining 5.82%. TPIA contributed 19.71 index points to the IHSG’s performance, while BREN added 15.73 points.
Conversely, banking and mining stocks weighed heavily on the index. Bank Rakyat Indonesia (BBRI), Bank Mandiri (BMRI), and Bank Central Asia (BBCA) collectively dragged down the IHSG by 33.32 index points. Mining companies including Bayan Resources (BYAN), Bumi Resources Minerals (BRMS), Energi Mega Persada (ENRG), and Amman Mineral (AMMN) were among the top ten worst-performing stocks of the day.
Asian markets broadly moved higher following an initial dip. The Korea Composite Stock Price Index (Kospi) rose 0.02%, while Japan’s Nikkei 225 gained 0.62%. The Hang Seng Index in Hong Kong saw a more substantial increase, climbing 1.72%.
Indonesian financial markets continue to face headwinds from escalating geopolitical tensions, particularly the conflict in the Middle East, and rising oil prices. Brent crude oil closed at US$84 per barrel, a level not seen since July 2024, representing a nearly 4% increase. West Texas Intermediate (WTI) crude similarly surged, closing at US$81.01 per barrel, up 8.5% and also the highest price in nearly two years. Disruptions to shipping in the Strait of Hormuz, following reported attacks on oil tankers, are contributing to the price increases.
According to reports, Iran claimed responsibility for striking a tanker, further exacerbating concerns about supply disruptions. The Otoritas Jasa Keuangan (OJK), Indonesia’s Financial Services Authority, reported earlier this week that the IHSG had experienced a year-to-date correction of nearly 5%, citing both global and domestic factors. As of February 27, 2026, the IHSG was down 4.76% for the year.
