Market Alert: IHSG Faces Downward Pressure Amid US Solar Panel Tariffs and Trade Probes
Fajrin
from Orbitcore Editorial
Investors in the Indonesian stock market are bracing for a challenging session as the Jakarta Composite Index (IHSG) shows signs of further cooling. Following a volatile previous session, market analysts at Phintraco Sekuritas are forecasting a downward trend for Friday, February 27, 2026. The index is expected to fluctuate within a tight range, testing a support level of 8,150, with a pivot at 8,200 and resistance capping gains at 8,250. This cautious outlook comes after the IHSG retreated 1.05% to close at 8,235.26 yesterday, failing to maintain its early momentum that saw it reach as high as 8,358.
The US Tariff Bombshell
The primary catalyst behind this bearish sentiment stems from across the Pacific. The United States Department of Commerce has sent shockwaves through the renewable energy sector by announcing significant import tariffs on solar cells and panels. These measures target imports from India, Indonesia, and Laos, based on allegations that the solar industries in these nations are heavily bolstered by government subsidies. For Indonesia, this represents a significant hurdle for its green energy export ambitions.
Breaking Down the Numbers
The scale of these tariffs is substantial and likely to impact the balance sheets of domestic manufacturers. The US has set a general tariff of 104.38% for solar products coming from Indonesia. Comparatively, India faces a steeper climb with a 125.87% tariff, while Laos is hit with an 80.67% rate. However, the impact isn't uniform across all players. Specific companies have been hit with individual rates that are even more punishing. For instance, PT Blue Sky Solar is looking at a staggering 143.3% tariff, while PT REC Solar Energy has been assigned a rate of 85.99%. These figures effectively price many Indonesian-made solar products out of the lucrative US market for the time being.
Fiber network designs you can actually rely on.
We handle the heavy lifting. From local surveys in Java & Medan to detailed FTTH grid designs, we make sure your network makes sense.
More Regulatory Clouds on the Horizon
As if the solar tariffs weren't enough, the Office of the United States Trade Representative (USTR) is adding more pressure. The USTR plans to initiate a Section 301 investigation into Indonesia's trade practices. This probe will specifically scrutinize industrial capacity and fisheries subsidies. The goal of this investigation is to evaluate whether Indonesia is living up to its previous commitments and to address ongoing US concerns regarding fair trade. Such investigations often serve as a precursor to even broader trade restrictions, keeping investors on edge regarding the future of bilateral trade relations.
Finding Opportunity in the Volatility
Despite the overarching negative sentiment and the warnings from agencies like S&P Global Rating, seasoned traders know that market corrections often hide individual gems. While the broader index might be under pressure, Phintraco Sekuritas identifies five specific stocks that show potential for gains—or 'cuan'—in the current climate. Leading this list of recommendations is TOBA. While the market navigates these regulatory headwinds, staying selective and focusing on companies with resilient fundamentals or specific catalysts remains the best strategy for navigating this uncertain Friday session.