The Composite Stock Price Index (IHSG) closed higher at 7,174.32 on Thursday (May 7, 2026). The index’s gain was supported by the strengthening of several large-cap stocks, including PANI, BBRI, and BBCA. Based on data from the Indonesia Stock Exchange (BEI), IHSG rose 1.15% or 81.85 points to reach 7,174.32. The index opened trading at 7,160.78 and touched an intraday high of 7,207.07. A total of 361 stocks advanced, 295 declined, and 160 remained unchanged. Market capitalization stood at Rp12,808 trillion.

Among the major large-cap stocks, PT Pantai Indah Kapuk Dua Tbk. (PANI) posted the highest increase, climbing 6.65% to Rp9,225 per share. Meanwhile, shares of PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI) gained 4.75% to Rp3,310 per share.

Shares of PT Bank Central Asia Tbk. (BBCA) also contributed to the index rally after rising 4.62% to Rp6,225. In addition, PT Dian Swastatika Sentosa Tbk. (DSSA) appreciated 4.05% to Rp1,540 per share.

On the downside, PT Chandra Asri Pacific Tbk. (TPIA) recorded the steepest decline, falling 10.20% to Rp5,725 per share. PT Amman Mineral Internasional Tbk. (AMMN) also dropped 7.20% to Rp4,640 per share.

In the top gainers category, shares of PT Dua Putra Utama Makmur Tbk. (DPUM) surged 35% to Rp162 per share, while PT Sinergi Inti Tbk. (ESIP) jumped 34.15% to Rp220 per share. Meanwhile, the biggest losers were PT Ricky Putra Globalindo Tbk. (RICY), which fell 11.90% to Rp111 per share, and PT Haloni Jane Tbk. (HALO), which declined 10.99% to Rp81 per share.

Head of Research at Phintraco Sekuritas, Valdy Kurniawan, stated that IHSG had earlier strengthened 0.36% to 7,117.97 during the first trading session as tensions in the Middle East began to ease. From a technical perspective, he explained that the index managed to close above the MA5 level, accompanied by a narrowing negative MACD histogram and a stochastic RSI moving upward from oversold territory.

According to him, the combination of these indicators suggests that IHSG still has room to continue strengthening and potentially test the 7,125 level in the next trading session.

Meanwhile, Samuel Sekuritas projected IHSG to reach 7,500 this year under its base-case scenario. Stocks such as ANTM, BUMI, and BULL were included in the broker’s Top Buys list.

Head of Research at Samuel Sekuritas, Prasetya Gunadi, explained that the base scenario reflects projected earnings growth of 2% this year, with a fair price-to-earnings (P/E) ratio of 12.3 times and earnings per share (EPS) at 606.7.

Under the bearish scenario, IHSG is projected to stand at 6,300, reflecting earnings growth of minus 3%, a fair P/E ratio of 10.9 times, and EPS of 577. Meanwhile, in the optimistic scenario, IHSG is expected to reach 8,000, supported by projected earnings growth of 5%, a fair P/E ratio of 12.9 times, and EPS of 624.6.

The key macroeconomic factor underlying these assumptions is the movement of the rupiah exchange rate. In the base scenario, the rupiah is projected to remain around Rp17,500 per US dollar. Under the weakest scenario, the rupiah is assumed to weaken beyond Rp18,000 per US dollar, while in the bullish scenario the rupiah is expected to strengthen below Rp17,000 per US dollar.

Prasetya added that if the US dollar to rupiah exchange rate exceeds Rp18,000, it would affect the consumer staples sector as well as banking asset quality. In addition, rising oil prices are also a concern because the minus 3% growth scenario assumes oil prices climbing above US$120 per barrel.