The Bisnis-27 Index opened in the green during early trading on Thursday, May 21, 2026. This positive momentum was fueled by several key stocks, including TAPG, INKP, and MIKA, which all saw gains as the market began its session.
According to data from the Indonesia Stock Exchange (IDX), the index—a collaboration between the IDX and Harian Bisnis Indonesia—rose by 0.53% to reach the 449.41 level. Out of the 27 constituents, 22 stocks advanced, 4 declined, and 1 remained unchanged.
The rally was led by PT Triputra Agro Persada Tbk. (TAPG), which climbed 4.71% to Rp1,555. It was followed by PT Indah Kiat Pulp & Paper Tbk. (INKP), up 2.50% to Rp8,200, and PT Mitra Keluarga Karyasehat Tbk. (MIKA), which strengthened by 1.85% to Rp1,655.
Other notable gainers included PT Japfa Comfeed Indonesia Tbk. (JPFA) rising 1.52% to Rp2,680, PT Vale Indonesia Tbk. (INCO) gaining 1.45% to Rp4,900, and PT Bank Central Asia Tbk. (BBCA) increasing 1.26% to Rp6,050.
In a broader market movement, the IHSG Opened Up 0.55% to 6,353, with Big Cap Stocks like BBCA and MORA Gaining Momentum.
Conversely, several stocks faced downward pressure. PT Medco Energi Internasional Tbk. (MEDC) dropped 4.52% to Rp1,480, while PT Bukit Asam (Persero) Tbk. (PTBA) fell 1.42% to Rp2,780. PT Bumi Resources Minerals Tbk. (BRMS) declined 0.76% to Rp655, and PT Telkom Indonesia (Persero) Tbk. (TLKM) slipped 0.65% to Rp3,080.
The research team at Phintraco Sekuritas predicts that the IHSG will fluctuate within a support range of 6,200 and resistance of 6,450 today. On the previous trading day, Wednesday, May 20, the IHSG closed with a slight correction of 0.82% at 6,318.
“Technically, the Stochastic RSI is in the oversold zone and has the potential to form a Golden Cross. However, the widening of the negative MACD histogram continues. Therefore, the IHSG is expected to move variably within the support range of 6,200-6,250 and resistance of 6,400-6,450,” analysts noted on Thursday.
Yesterday, the composite index experienced high volatility, briefly strengthening before ultimately closing in the red. Investors reacted to President Prabowo’s speech at the House of Representatives (DPR), where he outlined the basic macroeconomic assumptions for the 2027 Draft State Budget (RAPBN).
Key points from Prabowo’s presentation included a target budget deficit of 1.8%-2.4% of GDP for 2027, economic growth projected between 5.8%-6.5%, and inflation managed within 1.5%-3.5%. The exchange rate is estimated at Rp16,800-Rp17,500 per USD, while the 10-year Government Bond (SBN) yield is projected at 6.5%-7.3%.
Furthermore, the President announced a significant policy shift: the government will mandate that exports of natural resource commodities be conducted through designated state-owned enterprises (BUMN) as sole exporters. This regulation will initially apply to CPO, coal, and iron alloys. These announcements are expected to serve as primary market sentiments for today’s trading.
“Investors are expected to adopt a ‘wait and see’ approach as they digest the 2027 RAPBN assumptions and the new natural resource export policy,” an analyst stated.
Meanwhile, the research team at BRI Danareksa Sekuritas highlighted that the market is also responding to recent monetary policy shifts. In the May 2026 Board of Governors Meeting, Bank Indonesia raised the BI Rate by 50 bps to 5.25%, exceeding market expectations of 5%. Analysts believe this move was intended to strengthen the Rupiah and mitigate short-term capital outflow pressures.
“We anticipate the IHSG will move within a limited range, with support at 6,220 and resistance at 6,635. Market focus will now shift to the release of the Fed’s FOMC Minutes and domestic data such as the Current Account and M2 Money Supply as further catalysts,” the analyst added.
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Summary
The Bisnis-27 Index opened higher on May 21, 2026, rising 0.53% to 449.41 as 22 out of 27 constituents recorded gains. The rally was primarily led by strong performance from PT Triputra Agro Persada Tbk. (TAPG), PT Indah Kiat Pulp & Paper Tbk. (INKP), and PT Mitra Keluarga Karyasehat Tbk. (MIKA).
Market sentiment is currently driven by President Prabowo’s 2027 state budget proposals and a new mandate for state-owned enterprises to manage natural resource exports. Additionally, investors are reacting to Bank Indonesia’s decision to raise the benchmark interest rate by 50 basis points to 5.25% to stabilize the Rupiah amidst broader economic uncertainty.