Breaking! Jakarta Composite Index Suddenly Surges Over 2%, Here Are the Causes

The Jakarta Composite Index (IHSG) surged during trading on Tuesday (9/6/2026). One hour before the end of the first session, the IHSG rose by 2.10%, gaining 112 points to reach the 5,454.58 level.

The volatile movement of the IHSG this week indicates that the domestic market is still in a phase of seeking equilibrium following heavy selling pressure in recent sessions. Technically and psychologically, the sharp rebound at the opening reflects bargain hunting rather than a wholesale change in sentiment.

The surge in the IHSCT at the opening was primarily supported by large-cap stocks that contributed most significantly to the index. PT Telkom Indonesia Tbk (TLKM) was the main driver, contributing approximately 24 points to the index, followed by PT Sumber Alfaria Trijaya Tbk (AMRT), PT Mora Telematika Indonesia Tbk (MORA), PT Dian Swastatika Sentosa Tbk (DSSA), and PT Aneka Tambang Tbk (ANTM).

Interestingly, this morning’s rebound occurred even though several large banking stocks acted as drags on the index. PT Bank Rakyat Indonesia Tbk (BBRI) was the largest weight on the IHSG with a negative contribution of about 4.7 points, followed by PT Bayan Resources Tbk (BYAN), PT Bank Mandiri Tbk (BMRI), and PT United Tractors Tbk (UNTR).

This phenomenon indicates that the market is beginning to view the valuations of several non-banking large-cap stocks as attractive areas following recent corrections. Additionally, the strengthening of telecommunications, retail, and commodity stocks helped support market sentiment.

Notably, TLKM shares strengthened after the company announced an attractive dividend yield. TLKM will distribute a cash dividend from its 2025 net profit equivalent to 123% of net profit, amounting to Rp 21.9 trillion. Approximately Rp 4.2 trillion of the distributed dividend will be taken from the Company’s retained earnings from the previous year. This decision was approved by TLKM shareholders during the Annual General Meeting of Shareholders (AGMS) held today, with the cash dividend set at Rp 221 per share. Based on yesterday’s price, TLKM offers a dividend yield of approximately 9%.

Strengthening of State-Owned Banks

The IHSG jumped following a meeting between the Deputy Speaker of the House of Representatives, Sufmi Dasco Ahmad, with the Association of State-Owned Banks (Himbara), the Indonesian National Banking Association (Perbanas), and several other financial sector stakeholders at the Nusantara III Building, Parliament Complex, Senora, Central Jakarta, on Tuesday (9/6/2026).

Also present were the Chairman of Himbara and President Director of PT Bank Negara Indonesia (Persero) Tbk, Putrama Wahju Setiawan, and the Chairman of Perbanas and President Director of PT Bank Rakyat Indonesia (Persero) Tbk, Hery Gunardi. Also in attendance were the State Secretary, Prasetyo Hadi, and the Head of the SOE Regulatory Agency/COO of Danantara Indonesia, Dony Oskaria.

“Today, the House of Representatives of the Republic of Indonesia is conducting coordination and evaluation regarding the current situation related to the banking situation in the country,” said Dasco. He stated that he had received information regarding the current banking situation from Himbara and Perbanas, noting that “based on the results of the discussion, the developments are very good.”

On the other hand, external sentiment is relatively more conducive compared to the previous wave of sell-offs. While the Rupiah remains around Rp 18,160 per US dollar, its weakening has begun to stabilise. This condition has slightly eased investor concerns regarding potential further pressure on the domestic financial market.

Rupiah Pressure

Nevertheless, volatility is expected to remain high throughout the session. This is reflected in the index movement, which briefly surged by more than 1.5% at the opening but quickly corrected before rebounding again. From a stock movement perspective, the market condition this morning remains quite positive. A total of 335 stocks strengthened, 262 weakened, and 362 remained stagnant. This means the IHSG’s morning strength was not only supported by a few large stocks but is also being followed by a wider range of equities.

Technically, this morning’s IHSG rebound has not yet fully reversed the downward trend seen in recent periods. Although the index surged by more than 1%, it remains well below key resistance areas, suggesting that volatility will remain high. The 5,300 area has now become a crucial level that market participants will monitor as the primary defence zone following the heavy selling pressure of recent sessions.