Bisnis-27 Index Opens Lower Despite Gains in MIKA, TLKM, and JPFA

Flooring Guide by Cinvex — The Bisnis-27 Index opened in negative territory on Wednesday (May 20, 2026), reflecting broader market caution. Despite the overall downward pressure, several blue-chip stocks, including MIKA, TLKM, and JPFA, managed to post gains in early trading.

According to the Indonesia Stock Exchange (IDX) data, the index—a collaborative benchmark between the IDX and Bisnis Indonesia—dipped 0.15% to settle at 446.08. Out of the 27 constituent stocks, 10 recorded gains, 15 saw declines, and two remained stagnant.

Leading the gainers was PT Mitra Keluarga Karyasehat Tbk. (MIKA), which climbed 1.75% to Rp1,740. It was closely followed by PT Telkom Indonesia (Persero) Tbk. (TLKM) with a 1.30% rise to Rp3,120, and PT Japfa Comfeed Indonesia Tbk. (JPFA), which gained 1.20% to reach Rp2,540. Other notable performers included PT Astra International Tbk. (ASII), PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI), PT Bank Central Asia Tbk. (BBCA), and PT Bukit Asam (Persero) Tbk. (PTBA), all of which posted modest gains.

In contrast, the broader IHSG (Jakarta Composite Index) opened lower by 0.66% at 6,328. This bearish sentiment was driven by significant declines in stocks such as PT Darma Henwa Tbk. (DEWA), which dropped 5.15% to Rp368, and PT Triputra Agro Persada Tbk. (TAPG), which fell 4.09% to Rp1,525. Other major decliners included PT AKR Corporindo Tbk. (AKRA), PT Bumi Resources Tbk. (BUMI), PT Bumi Resources Minerals Tbk. (BRMS), PT Aneka Tambang Tbk. (ANTM), PT Alamtri Resources Indonesia Tbk. (ADRO), and PT Indah Kiat Pulp & Paper Tbk. (INKP).

Analysts at Phintraco Sekuritas suggest the IHSG will fluctuate between a support level of 6,250 and a resistance level of 6,500. This follows Tuesday’s (May 19) session, where the index experienced a 3.46% decline to 6,370. Market experts attribute this sell-off to rumors regarding a potential government plan to regulate commodity exports through a new state-run body. Investors fear that the centralization of coal, CPO, and metal mineral exports could lead to price controls, ultimately squeezing corporate profit margins.

As the market navigates these concerns, investors are turning their attention to major upcoming political and economic events. Today, President Prabowo is scheduled to address the House of Representatives (DPR) regarding the 2027 Macroeconomic Framework and Fiscal Policy Principles (KEM-PPKF) for the state budget. This marks a significant development, as it is the first time the President will personally deliver the document, a role typically performed by the Minister of Finance.

Furthermore, market participants are bracing for the results of the Bank Indonesia (BI) Board of Governors Meeting. Consensus estimates suggest that the central bank may raise the BI Rate by 25 basis points to 5% to combat the weakening rupiah. Economic indicators are also in the spotlight, with credit growth for April projected to rise to 9.7% year-on-year, up from 9.49% in March 2026. Meanwhile, the state budget deficit as of April 30, 2026, stood at Rp164.4 trillion, or 0.64% of GDP, representing a decline from the March deficit of Rp240.1 trillion (0.93% of GDP).

From a technical standpoint, analysts noted that with the IHSG closing below the 6,400 level on increased selling volume, the index is at risk of testing the 6,250–6,300 support range.

Disclaimer: This article is for informational purposes only and does not constitute a recommendation to buy or sell any securities. Investment decisions remain the sole responsibility of the reader. Bisnis.com is not liable for any losses or gains resulting from investment decisions based on this information.