The Jakarta Composite Index (IHSG) closed significantly higher on Tuesday, April 22, 2025, gaining 92.29 points or 1.43% to finish at 6,538.26. A total of 371 stocks advanced, 220 declined, and 210 remained flat. The day’s trading brought Indonesia’s market capitalization to Rp 11,382.53 trillion.
According to data from Refinitiv, the utility sector led the charge with a 5.99% jump. Other sectors posting strong gains included property (3.82%), basic materials (3.68%), and energy (2.18%).
Mining and energy stocks were the main drivers behind today’s IHSG surge. Shares of Barito Renewables Energy (BREN) soared 7.14% to close at 6,000 rupiah, contributing 14.28 index points to the IHSG’s rise. Amman Mineral Internasional (AMMN) also posted a solid gain of 6.39%, adding 13.45 index points. Meanwhile, nickel producer Merdeka Battery Materials (MBMA) jumped 11.72%, boosting the index by 2.63 points.
In addition to the strong performance in mining, banking stocks also played a key role. Bank Mandiri (BMRI) and Bank Central Asia (BBCA) contributed 9.7 and 13.65 index points, respectively.
The bullish trend among mining stocks coincides with rising global prices for nickel and gold. Gold prices have been setting new records, fueled by escalating tensions between U.S. President Donald Trump and the Federal Reserve. Their ongoing disputes and trade policy clashes have pushed investors toward safe-haven assets like gold.
On Tuesday, spot gold briefly touched a new all-time intraday high of $3,500.5 per ounce. By 4:05 p.m. Jakarta time, gold was trading at $3,451.84, up 0.8%. The day before, on Monday, gold closed at $3,424.30 per ounce, marking a 2.91% gain and setting a fresh record high in the global spot market.
Nickel prices, meanwhile, are expected to remain elevated in the short term due to tight supply conditions in Indonesia, a major producer. According to the Shanghai Metal Market (SMM), Indonesian ore prices remained firm last week, despite a slight correction in nickel prices. The proposed Non-Tax State Revenue (PNBP) policy is also expected to provide macroeconomic support for nickel prices.
In the domestic market, the premium for pyrometallurgical-grade nickel ore held steady at $24–26 per wet metric ton (wmt), with factory delivery prices for 1.6% grade ore ranging between $51.5 and $53.5 per wmt. For hydrometallurgical-grade ore, local Indonesian shipments with a 1.3% grade were priced at around $25–26 per wmt.
Meanwhile, Bank Indonesia (BI) kicked off its two-day Board of Governors Meeting (RDG) today, with a key focus on interest rate decisions. Last month, BI kept its benchmark rate unchanged at 5.75%, along with the deposit facility rate at 5.00% and the lending facility rate at 6.50%. The outcome of this week’s meeting is expected to have further implications for the market.
