IHSG Closes Down 0.64%, Drops Below 6,100 Level

The Jakarta Composite Index (IHSG) managed to trim sharp losses seen during the first session but still closed in negative territory on Wednesday (29/7/2026). Market participants remained cautious ahead of the US Federal Reserve’s policy meeting, amid pressure from a weakening rupiah and rising global oil prices. The IHSG weakened 39.20 points, or 0.64%, to 6,091.39. However, the index recovered from a daily low of 6,029.32 after touching an early high of 6,174.41. Total market transaction value reached Rp22.86 trillion, with trading volume of 38.53 billion shares across 1.95 million transactions. A total of 186 stocks advanced, 494 declined, and 285 remained unchanged. Market capitalisation was recorded at Rp10,675 trillion. All sectors were in the red. Property led the decline with a 4.54% correction, followed by utilities down 4.21%, non-primary consumer goods down 1.50%, industrials down 1.44%, and energy down 1.32%. The index’s decline was primarily driven by PT Maha Properti Indonesia Tbk (MPRO), which shaved off 6.68 points, followed by PT Barito Renewables Energy Tbk (BREN) at 6.12 points, PT Mora Telematika Indonesia Tbk (MORA) at 5.19 points, and PT VKTR Teknologi Mobilitas Tbk (VKTR) at 3.82 points. The fall was cushioned by gains in several large-cap stocks. PT Telkom Indonesia (Persero) Tbk (TLKM) was the main support with a 3.13-point contribution, followed by PT Bank Central Asia Tbk (BBCA) at 2.49 points, PT Barito Pacific Tbk (BRPT) at 1.64 points, and PT Chandra Asri Pacific Tbk (TPIA) at 1.42 points. Panin Sekuritas Pondok Indah Branch Manager Elandry Pratama assessed that the IHSG’s weakness was influenced by a combination of external and domestic sentiment. ‘Externally, market sentiment remains cautious ahead of several global agendas, reducing risk appetite for risky assets. Domestically, the market is digesting varied first-half 2026 performance releases, prompting profit-taking in some previously rallying stocks,’ Elandry told CNBC Indonesia. He noted that selling pressure remains more dominant than buying interest. However, as long as no new negative sentiment emerges, this decline reflects a normal consolidation phase rather than a fundamental market shift. In the short term, Elandry estimates IHSG support at around 6,050-6,080. If this area is breached, the index could test the 6,000 level. Meanwhile, resistance is in the 6,150-6,200 range, with a greater chance of a rebound if accompanied by foreign capital inflows. Similarly, MNC Sekuritas Head of Retail Research Herditya Wicaksana said IHSG pressure was also influenced by foreign investor selling in the regular market, which reached approximately Rp4.36 trillion over the past week. He noted that investors are awaiting the outcome of the Fed’s FOMC meeting, monitoring the rise in crude oil prices to around US$80 per barrel, and the rupiah’s depreciation back to the Rp18,000 per US dollar level. Despite high short-term volatility, Herditya maintained a base case IHSG projection of 7,000, with a bear case at 6,100, suggesting room for market recovery once global sentiment eases.