JAKARTA – The Jakarta Composite Index (IHSG) experienced a notable decline at the opening of trading on Friday, April 24, 2026. This downturn was primarily driven by persistently high global oil prices and escalating geopolitical tensions in the Middle East, both of which exerted significant negative pressure on market sentiment.
At the start of the trading day, the IHSG saw a marginal dip of 0.01 percent, settling at 7,378.07. Concurrently, the LQ45 index, a barometer for the 45 most liquid stocks, also weakened by 0.10 percent to reach 715.75. Ratna Lim, Head of Research at Phintraco Sekuritas, offered her market outlook, stating, “The IHSG is anticipated to potentially continue its weakening trend, aiming to close the gap down at 7,308, and subsequently test the 7,300 level.”
From an external perspective, heightened tensions between the United States and Iran have significantly fueled market anxiety. Military activities observed near the strategically vital Strait of Hormuz have amplified fears of potential disruptions to the global energy supply, consequently triggering a sharp surge in oil prices.
Ratna further elaborated on the implications, noting that a prolonged closure of the Strait of Hormuz would inevitably keep oil prices at elevated levels. This scenario, she warned, would exacerbate concerns over potential inflation and lead to a widening of budget deficits, posing substantial economic challenges.
Indeed, the impact of these developments was evident in commodity markets. As of 09:42 AM Western Indonesian Time (WIB), Brent crude oil was recorded at US$105.93 per barrel, while WTI crude stood at US$96.57 per barrel. This significant increase in global oil benchmarks emerged as a principal factor weighing down global stock market performance.
Domestically, the continued weakening of the Rupiah also contributed to the prevailing negative sentiment. The Indonesian currency briefly touched the critical level of Rp17,300 per US dollar, with this depreciation intensifying the perception of risk within the domestic market and adding to investor caution.
On the international front, most major stock markets in the United States and Europe concluded the previous trading session with losses. Meanwhile, performance across Asian markets presented a more varied picture, though several indices remained under considerable pressure, reflecting the pervasive global uncertainty.
Despite these widespread pressures, the relatively positive performance of several large-cap issuers has provided a crucial buffer, preventing a more profound decline in the IHSG. This underlying resilience acts as a vital support mechanism for the market amidst the prevailing increase in volatility.