JAKARTA – The Jakarta Composite Index (JCI) saw a strong performance during the first trading session on Friday, May 29, 2026, buoyed by a rally in stocks affiliated with major domestic conglomerates. Key players such as BREN, RAJA, and EMAS delivered impressive gains within the first three hours of the market opening.
According to Stockbit data, the JCI surged by 1.43% to reach 6,217.88 by the end of the morning session. Throughout this period, the index fluctuated between 6,111.97 and 6,230.50.
Leading the top gainers list was PT Barito Renewables Energy Tbk. (BREN), which jumped 25% to Rp3,300. It was closely followed by PT Petrindo Jaya Kreasi Tbk. (CUAN), climbing 24.75% to Rp630, and PT Barito Pacific Tbk. (BRPT), which rose 23.15% to Rp1,915.
Related: JCI Opens Higher at 6,149, Prajogo Pangestu’s Stocks BREN to TPIA Soar
The positive momentum extended to other major stocks, including PT Petrosea Tbk. (PTRO), which gained 20.59% to reach Rp4,510, and PT Chandra Daya Investasi Tbk. (CDIA), which climbed 15.89% to Rp875. Meanwhile, PT Chandra Asri Pacific Tbk. (TPIA) saw a more modest gain of 1.05%, reaching Rp1,920.
Conglomerate-linked stocks associated with Happy Hapsoro also experienced significant upticks. PT Bukit Uluwatu Villa Tbk. (BUVA) soared 24.59% to Rp760, PT Rukun Raharja Tbk. (RAJA) rose 10.56% to Rp3,560, PT Sanurhasta Mitra Tbk. (MINA) grew by 12.41% to Rp326, and PT Raharja Energi Cepu Tbk. (RATU) rallied 14.15% to Rp4,840.
Related: MSCI Rebalancing Effective Today (May 29), Market Volatility Looms Over JCI
The Merdeka Group also recorded gains, with PT Merdeka Gold Resources Tbk. (EMAS) rising 1.32% to Rp7,700, PT Merdeka Battery Materials Tbk. (MBMA) advancing 2.94% to Rp490, and PT Merdeka Copper Gold Tbk. (MDKA) edging up 0.37% to Rp2,730.
Other notable performers included PT Daya Intiguna Yasa Tbk. (MDIY), which increased by 11.88% to Rp895, PT Amman Mineral Internasional Tbk. (AMMN) at 10.29% to Rp3,430, PT Alamtri Minerals Indonesia Tbk. (ADMR) up 4.97% to Rp1,585, and PT Pabrik Kertas Tjiwi Kimia Tbk. (TKIM) rising 4.91% to Rp5,875.
Related: Seeking Refuge in Defensive Stocks Amid Negative JCI Sentiment
Despite the morning rally, BRI Danareksa Sekuritas technical analyst Reza Diofanda had previously predicted a weakened trend for the JCI, projecting resistance at the 6,240 level and support at 6,060.
In his daily research note on Friday, May 29, 2026, Reza stated, “Technically, the JCI is still prone to a weakening consolidation trend with resistance at 6,240 and support at 6,060. Market participants remain cautious regarding the rupiah’s exchange rate, which has neared Rp16,800 per US dollar, creating a risk of further capital outflows. Furthermore, the effective date of the MSCI rebalancing at today’s closing is expected to introduce short-term market volatility.”
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Disclaimer: This news 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. The publisher is not liable for any losses or gains arising from the reader’s investment decisions.
Summary
The Jakarta Composite Index (JCI) experienced a significant 1.43% surge on the morning of May 29, 2026, reaching 6,217.88. This rally was primarily driven by substantial gains in stocks affiliated with major domestic conglomerates, including BREN, CUAN, RAJA, and various entities associated with the Happy Hapsoro and Merdeka groups.
Despite the strong performance, market analysts remain cautious regarding potential short-term volatility. Concerns persist regarding the rupiah’s depreciation toward Rp16,800 per US dollar and the impact of the MSCI rebalancing, which may lead to consolidation and potential capital outflows.
