Flooring Guide by Cinvex – JAKARTA – The Composite Stock Price Index (IHSG) surged during the first trading session this Friday, May 29, 2026, driven largely by stocks affiliated with the nation’s prominent conglomerates. Throughout the first three hours of trading, shares such as BREN, RAJA, and EMAS displayed robust performance, fueling a 1.43% rally that pushed the index to 6,217.88.
According to Stockbit data, the IHSG traded between 6,111.97 and 6,230.50 during the morning session. Leading the top gainers were companies under the Barito umbrella: PT Barito Renewables Energy Tbk. (BREN) jumped 25% to Rp3,300, PT Petrindo Jaya Kreasi Tbk. (CUAN) rose 24.75% to Rp630, and PT Barito Pacific Tbk. (BRPT) climbed 23.15% to Rp1,915.
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Strong momentum was also observed in other key sectors. PT Petrosea Tbk. (PTRO) surged 20.59% to Rp4,510, while PT Chandra Daya Investasi Tbk. (CDIA) and PT Chandra Asri Pacific Tbk. (TPIA) followed suit with gains of 15.89% and 1.05%, respectively. Meanwhile, the Happy Hapsoro-affiliated portfolio saw significant appreciation, including PT Bukit Uluwatu Villa Tbk. (BUVA) up 24.59%, PT Rukun Raharja Tbk. (RAJA) up 10.56%, PT Sanurhasta Mitra Tbk. (MINA) rising 12.41%, and PT Raharja Energi Cepu Tbk. (RATU) increasing by 14.15%.
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Stocks under the Merdeka Group also contributed to the bullish sentiment. PT Merdeka Gold Resources Tbk. (EMAS) rose 1.32%, PT Merdeka Battery Materials Tbk. (MBMA) gained 2.94%, and PT Merdeka Copper Gold Tbk. (MDKA) inched up by 0.37%. Other notable top performers included PT Daya Intiguna Yasa Tbk. (MDIY), PT Amman Mineral Internasional Tbk. (AMMN), PT Alamtri Minerals Indonesia Tbk. (ADMR), and PT Pabrik Kertas Tjiwi Kimia Tbk. (TKIM).
See also: Seeking Refuge in Defensive Stocks Amid Negative Market Sentiment
Despite this morning’s strong performance, analysts remain cautious. BRI Danareksa Sekuritas technical analyst Reza Diofanda had previously predicted that the IHSG would face a weakening trend, with resistance levels at 6,240 and support at 6,060.
“Technically, the IHSG remains prone to a bearish consolidation trend. Market participants are closely monitoring the rupiah, which has approached the 16,800 per US dollar mark, raising concerns over potential capital outflows. Furthermore, the effective date of the MSCI rebalancing today is expected to increase short-term market volatility,” Reza explained in his daily research note.
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Summary
The Composite Stock Price Index (IHSG) surged 1.43% to 6,217.88 during the Friday, May 29, 2026, morning session. This growth was primarily fueled by significant rallies in stocks associated with major conglomerates, including strong performances from BREN, CUAN, BRPT, and various companies under the Happy Hapsoro and Merdeka groups.
Despite the bullish sentiment, market analysts advise caution due to potential volatility. Concerns surrounding the rupiah’s proximity to 16,800 against the US dollar and the impact of the MSCI rebalancing suggest that the index may still face a bearish consolidation trend.