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

Jakarta, CNBC Indonesia — The Indonesia Stock Exchange Composite Index (IHSG) managed to pare back the sharp losses seen in the first trading session, but still closed in the red on Wednesday (29/7/2026).

Market players remained cautious ahead of the outcome of the United States Federal Reserve (The Fed) policy meeting, amid pressure from a weakening rupiah and rising global oil prices.

The IHSG closed 39.20 points, or 0.64%, lower at 6,091.39. Nevertheless, the index managed to rebound from its intraday low of 6,029.32, after touching a session high of 6,174.41 at the start of trading.

Transaction value across the market reached Rp22.86 trillion, with a trading volume of 38.53 billion shares across 1.95 million transactions. A total of 186 shares advanced, 494 declined, and 285 were unchanged. Market capitalisation stood at Rp10,675 trillion.

All sectors remained in the red. Property led the declines with a correction of 4.54%, followed by utilities down 4.21%, non-primary consumer goods down 1.50%, industrials down 1.44%, and energy correcting 1.32%.

In terms of index movers, the biggest drag on the IHSG came from PT Maha Properti Indonesia Tbk (MPRO), which shaved 6.68 points off the index, 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.

On the other hand, the decline was cushioned by gains in several large-capitalisation stocks. PT Telkom Indonesia (Persero) Tbk (TLKM) was the main support with a contribution of 3.13 points, 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.

Elandry Pratama, Branch Manager of Panin Sekuritas Pondok Indah, attributed the IHSG’s weakness to a combination of external and domestic sentiment.

“Externally, market sentiment remains cautious ahead of a number of global events, which has reduced risk appetite for risky assets. Domestically, the market is also digesting the release of first-half 2026 earnings results, which have been mixed, prompting profit-taking in a number of stocks that had previously risen,” Elandry told CNBC Indonesia.

According to him, selling pressure remains more dominant than buying interest. However, as long as no new negative sentiment emerges, the decline still reflects a normal consolidation phase rather than a fundamental shift in the market.

In the short term, Elandry estimates IHSG support at around 6,050–6,080. If that area is breached, the index could test the 6,000 level. Meanwhile, resistance lies in the 6,150–6,200 range, with rebound prospects improving if accompanied by inflows of foreign funds.

Similarly, Herditya Wicaksana, Head of Research Retail at MNC Sekuritas, said pressure on the IHSG was also influenced by foreign investors’ selling in the regular market, which reached approximately Rp4.36 trillion over the past week. According to him, investors are still awaiting the outcome of the Fed’s FOMC meeting, monitoring the rise in crude oil prices to around US$80 per barrel, and watching the rupiah’s exchange rate, which has slipped back to the Rp18,000s per US dollar.

Despite high short-term volatility, Herditya maintains his base-case projection for the IHSG at 7,000, with the bear case at 6,100, meaning room for market recovery remains open should global sentiment begin to subside.