IDX Composite Briefly Drops 2%, Analysts Reveal Causes and Future Outlook
The Indonesia Stock Exchange (IDX) Composite continued to struggle in the red during the first trading session on Tuesday (29/09/2026). At the close of the first session, the IDX Composite fell by 12.86 points or 0.21% to the 6,135 level, after having touched a low point that saw a decline of up to 2%.
Throughout the first session of today’s trading, 451 stocks weakened, 262 stocks remained unchanged, and only 250 stocks strengthened. This condition further pressured the movement of the IDX Composite amidst relatively high market volatility.
Head of Research at MNC Sekuritas, Herditya Wicaksana, stated that the correction of the IDX Composite is still relatively in line with technical analysis. According to him, the movement pattern of the index remains in a downtrend phase.
“In terms of sentiment, the majority of global and regional market movements tend to be correcting,” Herditya told CNBC Indonesia on Tuesday.
On the other hand, crude oil prices were observed to strengthen within the US$93-99 per barrel range, the 10-year US government bond yield stood at 5.24%, while the DXY was at the 101 level.
Herditya noted that the support level for the IDX Composite is at 6,041, while the resistance level is at 6,196. These levels are areas that need to be closely monitored to determine the future direction of the index.
Meanwhile, a research report from Phintraco Sekuritas noted that foreign flow in the regular market experienced a net sell of Rp365.88 billion. This value originated from foreign buying transactions of Rp2.62 trillion and selling transactions of Rp2.99 trillion.
The largest foreign selling was recorded in stocks such as ADMF, BMRI, BBCA, TLKM, and ADRO. Meanwhile, the largest foreign buying occurred in BBRI, TPIA, ASII, EMAS, and DSSA, indicating that foreign action remains a selective rotation rather than broad-based selling.
Technically, Phintraco Sekuritas assesses the 6,000 area as a key level for the IDX Composite. If the index can remain above this level, there is a possibility of a technical rebound towards the 6,240 gap, with the next resistance in the 6,300-6,400 range.
However, such a rebound remains limited and does not yet indicate a trend reversal. If the 6,000 level is breached, the risk of further weakening towards the Fibonacci support level at 5,854 must be anticipated.
“Moving forward, the movement of the IDX Composite will be heavily influenced by confirmation of price action, increased transaction volume, and improvements in market breadth. Global sentiment, US yield movements, and Rupiah dynamics remain the primary catalysts to watch,” as quoted from their written report.
In terms of trading activity, the transaction volume was recorded at 231 million lots with a transaction value reaching Rp7.34 trillion. The relatively wide daily movement range, approximately 137 points from the lowest to the highest point, reflects high volatility and a cautious stance among market participants.