Geopolitical uncertainty has resurfaced after Iran seized a cargo vessel and once again closed the Strait of Hormuz. Meanwhile, Donald Trump stated that he would not rush to extend the ceasefire beyond April 22 without a solid agreement, raising concerns over regional stability and global energy markets.

Amid these global headwinds, the domestic market is also facing technical pressure from MSCI, which plans to freeze stock additions in May. Stocks categorized under HSC may be removed from the index, alongside potential exclusions of Barito Renewables Energy Tbk (BREN) and Dian Swastatika Sentosa Tbk (DSSA), which could weigh on the Jakarta Composite Index in the near term.

Despite these pressures, the banking sector has shown resilience, with big banks mostly trading higher as funds rotate into more liquid and defensive names. The exception is Bank Rakyat Indonesia Tbk (BBRI), which declined due to its ex-dividend timing.

Meanwhile, the rupiah strengthened to around 17,164/US$, offering some near-term stability despite ongoing external uncertainties. Overall, while global and technical pressures persist, the market is showing signs of selective positioning, favoring fundamentally strong and highly liquid stocks.