JAKARTA – The Bisnis-27 Index opened in positive territory on Thursday, May 21, 2026, driven by strong performances from key constituents including TAPG, INKP, and MIKA.
According to data from the Indonesia Stock Exchange (IDX), the index—a collaborative effort between the IDX and Harian Bisnis Indonesia—opened 0.53% higher at 449.41. Of the 27 index constituents, 22 stocks recorded gains, while four declined and one remained stagnant.
The rally was spearheaded by PT Triputra Agro Persada Tbk. (TAPG), which climbed 4.71% to Rp1,555. This was closely followed by PT Indah Kiat Pulp & Paper Tbk. (INKP) with a 2.50% gain to Rp8,200, and PT Mitra Keluarga Karyasehat Tbk. (MIKA), which rose 1.85% to Rp1,655.
Other notable gainers included PT Japfa Comfeed Indonesia Tbk. (JPFA), up 1.52% to Rp2,680; PT Vale Indonesia Tbk. (INCO), gaining 1.45% to Rp4,900; and PT Bank Central Asia Tbk. (BBCA), which edged up 1.26% to Rp6,050. Conversely, the market saw pressure on stocks such as PT Medco Energi Internasional Tbk. (MEDC), which fell 4.52% to Rp1,480, along with declines in PT Bukit Asam (Persero) Tbk. (PTBA), PT Bumi Resources Minerals Tbk. (BRMS), and PT Telkom Indonesia (Persero) Tbk. (TLKM).
Market Outlook and Macroeconomic Sentiment
The Phintraco Sekuritas research team projects the Composite Stock Price Index (IHSG) will fluctuate between a support level of 6,200 and resistance at 6,450. On Wednesday, May 20, the index closed down 0.82% at 6,318.
“Technically, the Stochastic RSI is in the oversold area and could potentially form a Golden Cross. However, the widening of the negative MACD histogram suggests the IHSG will remain volatile within the 6,200–6,450 range,” analysts noted on Thursday.
Market sentiment is currently heavily influenced by President Prabowo’s recent address to the House of Representatives regarding the 2027 State Budget (RAPBN) assumptions. Key highlights include a targeted budget deficit of 1.8%–2.4% of GDP, economic growth projections of 5.8%–6.5%, and an inflation target of 1.5%–3.5%. The government also estimated the rupiah exchange rate at Rp16,800–Rp17,500 per US dollar, with 10-year government bond (SBN) yields expected between 6.5% and 7.3%.
Additionally, the President announced a new policy mandating that natural resource exports, specifically CPO, coal, and iron alloys, must be conducted through state-owned enterprises (BUMN) acting as sole exporters. Analysts believe investors are currently adopting a wait-and-see approach to digest these significant fiscal and policy shifts.
Monetary Policy Influence
Meanwhile, the research team at BRI Danareksa Sekuritas highlighted that the market is also reacting to the central bank’s latest monetary moves. In the May 2026 Board of Governors Meeting, Bank Indonesia raised the BI rate by 50 basis points to 5.25%, exceeding market expectations of 5%. This hike is aimed at strengthening the rupiah and curbing short-term capital outflows.
“We expect the IHSG to move with limited upside, supported at 6,220 with resistance at 6,635. Moving forward, the market will focus on the release of the FOMC Minutes from The Fed and domestic data, such as the Current Account and M2 Money Supply, as potential catalysts,” the firm stated.
Disclaimer: This report is for informational purposes only and does not constitute a recommendation to buy or sell securities. Investment decisions remain the sole responsibility of the reader. Bisnis.com is not liable for any losses or gains resulting from investment choices made based on this information.
Summary
The Bisnis-27 Index opened 0.53% higher at 449.41 on May 21, 2026, with 22 out of 27 constituents recording gains. Market growth was primarily led by PT Triputra Agro Persada Tbk. (TAPG), PT Indah Kiat Pulp & Paper Tbk. (INKP), and PT Mitra Keluarga Karyasehat Tbk. (MIKA). Despite these gains, analysts anticipate continued market volatility, projecting the Composite Stock Price Index (IHSG) to fluctuate between support and resistance levels of 6,200 and 6,450.
Market sentiment is currently driven by the government’s 2027 State Budget proposals, which include specific targets for GDP growth, inflation, and fiscal deficits, alongside a new policy requiring state-owned enterprises to manage key natural resource exports. Additionally, investor activity is shaped by Bank Indonesia’s decision to raise the benchmark interest rate by 50 basis points to 5.25%. Market participants are now closely monitoring upcoming international and domestic economic data for further direction.
