Markets remain in a wait-and-see phase, as concerns over escalating trade tensions, potential fiscal slippage, and continued profit-taking in large conglomerate stocks keep sentiment anchored in risk-off mode. With no fresh catalysts emerging, investors are increasingly cautious—reducing broad market exposure and shifting toward assets perceived to offer better downside protection and earnings visibility.

Rupiah weakness has further reinforced this defensive stance. As the currency drifts closer to the psychological Rp16,900/USD level, risk appetite toward domestically driven sectors has softened. The weaker currency has not only raised sensitivity toward fiscal and external risks, but also accelerated capital rotation toward sectors that either benefit from U.S. dollar–linked revenues or remain relatively insulated from domestic demand fluctuations.

 

This environment has naturally favored safe-haven and commodity-linked themes. Gold prices remain firm amid heightened geopolitical uncertainty, while nickel and copper continue to find support from supply-side constraints and structural demand tied to the global energy transition—particularly electric vehicles, batteries, and electronics. While not pure safe havens, these metals combine defensive characteristics with long-term industrial relevance.
 

Reflecting this selective rotation, TINS, PTRO, BRIS, NCKL, and HRUM emerged as the top gainers within the Kompas100. The common thread across these names lies in their exposure to hard assets, export-oriented cash flows, and relatively defensive balance sheets, suggesting that current market strength is driven less by broad risk-taking and more by tactical positioning amid unresolved macro uncertainty.