Foreign Sell-Off Still Haunts IHSG, Weakness Expected

After plunging more than 2% in the previous day’s trading, the IHSG managed to strengthen by over 1% in the first session, even touching the 5,700 level. However, the Rupiah remained weak at Rp 17,950 per US dollar. FX Analyst Elvan Chandra Widyatama assessed that the technical rebound was not surprising given the deep correction the index had experienced in recent days. Several sentiments continue to overshadow the Indonesian stock exchange, driving foreign investor sell-offs linked to the direction of government policy and the beginning of a high interest rate era.