IDX Falls Alone Among Other Exchanges, Analysts Explain
The Indonesia Composite Index (IHSG) fell by more than 1% during the first session of trading on Tuesday (22/09/2026). The IHSG plummeted by 71.16 points, or 1.11%, to the level of 6,313.57. Notably, the IHSG trended weaker compared to other regional exchanges, such as the NIKKEI, which rose by 1.38%, the HSI, which rose by 0.13%, and the Shanghai Composite, which rose by 0.10%.
The IHSG’s performance this afternoon was weighed down by the energy sector, which slumped by 3.07%, followed by the real estate sector, down 1.5%, and the utilities sector, which fell by 1.2%.
Lukman Leong, a currency analyst at DOO Financial Futures, stated that today’s decline in the IHSG, which was significantly sharper than other Asian markets, was caused by unfavourable domestic and global sentiments. “The IHSG is indeed underperforming compared to other Asian exchanges today,” he told CNBC Indonesia on Tuesday.
In addition to the IHSG’s decline—driven by investors weighing risks and awaiting the decision from Bank Indonesia’s Board of Governors Meeting, the weakening Rupiah, and high oil prices—investors are also engaging in selling activities regarding big-cap stocks, particularly in the energy and banking sectors.
“Global sentiment is also not yet supportive after the Fed maintained a hawkish stance, while the 10-year US Treasury yield remains near 5% and the Rupiah continues to weaken,” he added.
On the other hand, regional exchanges received relatively strong support from a rally in technology and semiconductor stocks following a return of optimism regarding AI. “This AI trend does not provide much support to the IHSG because exposure to technology and semiconductor stocks in Indonesia is relatively small,” he explained.
Similarly, Herditya, an analyst at MNC Sekuritas, noted that the IHSG is currently in a downward trend. This is compounded by the escalation of the Russia-Ukraine geopolitical conflict, as well as market scrutiny regarding developments between the US and Iran.
“The Rupiah exchange rate is observed to still be weakening against the USD, currently at Rp 17,897/USD,” he concluded.