JAKARTA – The Jakarta Composite Index (IHSG) closed weaker today, Tuesday, March 31, 2026, as several prominent stocks, including MEDC, BUMI, and EMTK, saw significant declines throughout the afternoon trading session.
According to data from the Indonesia Stock Exchange (BEI), the IHSG finished down 0.61% at 7,048.22. The index fluctuated between a high of 7,155.55 and a low of 7,031.11 during the day. Among hundreds of listed constituents, 270 stocks advanced, 435 weakened, and 253 remained unchanged, reflecting a broad-based downturn.
Leading the decline among the LQ45 blue-chip stocks was PT Medco Energi Internasional Tbk. (MEDC), which fell 5.44% to Rp1,825. It was closely followed by PT Bumi Resources Tbk. (BUMI), down 4.42% to Rp216, and PT Elang Mahkota Teknologi Tbk. (EMTK), which corrected by 4.38% to Rp765.
Further contributing to the market’s weakness were PT Barito Renewables Energy Tbk. (BREN), slipping 4.11% to Rp5,250, PT Japfa Comfeed Indonesia Tbk. (JPFA), decreasing 3.69% to Rp2,350, and PT Adaro Andalan Indonesia Tbk. (AADI), which lost 3.43% to Rp11,275. Other notable decliners included PT Perusahaan Gas Negara Tbk. (PGAS), down 2.64% to Rp1,845; PT Bank Negara Indonesia (Persero) Tbk. (BBNI), falling 2.34% to Rp3,760; and PT Trimegah Bangun Persada Tbk. (NCKL), which declined 2.69% to Rp1,085.
In contrast to the overall market trend, several stocks posted impressive gains. PT Merdeka Battery Materials Tbk. (MBMA) surged 7.35% to Rp730, while PT Indofood Sukses Makmur Tbk. (INDF) rose 6.72% to Rp6,350. PT Sumber Alfaria Trijaya Tbk. (AMRT) also performed strongly, climbing 5.34% to Rp1,480.
Other significant advancers included PT Vale Indonesia Tbk. (INCO), up 4.90% to Rp5,350; PT Mitra Adiperkasa Tbk. (MAPI), gaining 3.88% to Rp1,205; PT Ciputra Development Tbk. (CTRA), increasing 3.65% to Rp710; and PT XLSMART Telecom Sejahtera Tbk. (EXCL), which saw a 3.51% rise to Rp2,950.
Looking ahead, Phintraco Sekuritas’ research team anticipates the IHSG to trade around the 7,100 pivot point today, Tuesday (March 31). Technically, the previous day’s modest 0.08% correction, coupled with a sideways-trending MACD histogram, suggests that the composite index is likely to hover within the 7,000-7,200 range for the day.
Yesterday, the energy sector emerged as the top performer, recording a 2.18% gain, driven by the ongoing rise in crude oil prices amid persistent conflicts in the Middle East. Conversely, the financial sector experienced the largest decline, down 1.17%. This was primarily attributed to the weakening of BBCA shares as they entered their ex-dividend date, alongside corrections in other banking stocks fueled by broader economic outlook concerns.
Domestically, market sentiment is influenced by the government’s efforts to implement budget efficiency schemes and Work From Home (WFH) policies. These measures are designed to mitigate the impact of rising crude oil prices on the state budget (APBN) and the overall economy. Phintraco Sekuritas noted on Tuesday (March 31) that “several steps to reduce oil and gas imports include energy saving and strengthening the Biodiesel 50% (B50) mandate. The government plans to officially announce these policies tonight.”
These government initiatives aim to avoid raising subsidized fuel prices, which would have widespread inflationary effects and risk expanding the APBN deficit. However, non-subsidized fuel prices are likely to see an increase when the monthly fuel price adjustments are announced on April 1, 2026. Phintraco Sekuritas views this situation as a potential long-term positive factor for the electric vehicle (EV) ecosystem, specifically benefiting industries like nickel and copper.
Meanwhile, the government has yet to finalize the implementation of export duties on coal, despite their inclusion in the 2026 APBN revenue assumptions. In contrast, export duties on nickel derivative products have received approval from President Prabowo, though the exact implementation timeline remains undetermined.
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