The escalating conflict between Israel and Iran, which triggered a sharp surge in global oil and energy commodity prices, sent shockwaves through the domestic financial market. Amidst widespread pressure that dragged down the Jakarta Composite Index (IHSG), energy sector stocks remarkably soared, acting as the primary pillar of support for the market during this afternoon’s trading session.
According to sectoral data from Stockbit on Monday (2/3), nearly all sectors found themselves in negative territory. The technology sector corrected by 3.77 percent, basic industries declined by 0.87 percent, infrastructure weakened by 4.13 percent, transportation fell by 2.74 percent, and the industrial sector experienced the deepest correction, plummeting 5.95 percent. Furthermore, the healthcare sector dropped 2.16 percent, finance lost 2.67 percent, consumer cyclicals tumbled 7.60 percent, property eased by 4.14 percent, and non-cyclicals decreased by 3.58 percent.
In stark contrast to this broad market downturn, the energy sector stood out as the sole performer in the green zone, recording a robust gain of 1.54 percent.
Several energy stocks even posted significant increases, dominating the list of top gainers. OILS (Indo Oil Perkasa Tbk) surged an impressive 34.69 percent to IDR 264. This was closely followed by ENRG (Energi Mega Persada Tbk) and RUIS (Radiant Utama Interinsco Tbk), both jumping 25.00 percent to IDR 2,200 and IDR 310 respectively. APEX (Apexindo Pratama Duta Tbk.) also climbed 24.04 percent to IDR 258.
The rally extended to ELSA (Elnusa Tbk), which surged 17.65 percent to IDR 1,000. MEDC (Medco Energi Internasional) rose 15.65 percent to IDR 1,995, and INDY (Indika Energy Tbk) strengthened 15.53 percent to IDR 4,240. Continuing the upward trend, WOWS (Ginting Jaya Energi) added 13.89 percent to IDR 82, ESSA (ESSA Industries Indonesia) gained 12.40 percent to IDR 725, MAIN (Malindo Feedmill) firmed 12.03 percent to IDR 885, and CGAS (Citra Nusantara Gemilang) advanced 11.31 percent to IDR 187.
Other commodity stocks also saw gains, reflecting the broader market trend for resources. COAL (Black Diamond Resources) climbed 8.33 percent to IDR 78, KAQI (Jantra Grupo Indonesia) strengthened 7.27 percent to IDR 118, AADI (Adaro Andalan Indonesia) increased 7.03 percent to IDR 9,900, SMDR (Samudera Indonesia) added 7.00 percent to IDR 428, and DOID (BUMA Internasional Grup) rose 6.71 percent to IDR 318.
Despite the strong performance of energy and commodity counters, the IHSG ultimately closed down a significant 218.65 points (2.66 percent) at 8,016, while the LQ45 index lost 21.86 points (2.62 percent) to settle at 812.