IDX Rises 1% Despite Weak Rupiah, Here Are the Causes

Jakarta, CNBC Indonesia — The Indonesia Composite Index (IHSG) continued to move volatile during trading on Tuesday (9/6/2026), despite initially surging by more than 1% at the start of the session. After touching the 5,428 area, the index experienced sharp fluctuations before settling at the 5,391.47 level, representing a 0.92% increase as of approximately 09:19 WIB.

This wild movement in the IHSG this morning indicates that the domestic market is still in a phase of seeking equilibrium following heavy selling pressure that hit the market in recent sessions. Both technically and psychologically, the sharp rebound at the opening reflects bargain hunting rather than a wholesale change in sentiment.

The surge in the IHSG at the opening was primarily supported by large-cap stocks, which provided the largest contribution 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 a drag on the index. PT Bank Rakyat Indonesia Tbk (BBRI) was recorded as 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.

The decision was approved by TLKM shareholders during the Annual General Meeting of Shareholders (RUPST) 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%.

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

Nevertheless, volatility is expected to remain high throughout the session. This is reflected in the index movement, which surged by more than 1.5% at the opening but quickly corrected before rebounding again.

In terms of stock movement, the market condition this morning remained quite positive. A total of 335 stocks strengthened, 262 stocks weakened, and 362 stocks remained stagnant. This suggests that the IHSG’s morning gain was not only supported by a few large stocks but was also being followed by a broader range of equities.

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