IHSG Closes Down Sharply Under Pressure from US Tariffs on Solar Panels from Indonesia
The Indonesian Composite Index (IHSG) fell 1.05 per cent or 86.96 points to close at 8,235.26 on the close of trading on Thursday, 26 February 2026. The decline occurred after the index had strengthened to the 8,358 level at the start of the session.
Analysts at Phintraco Securities revealed that negative sentiment originated from reports that the US Department of Commerce would impose tariffs on solar cells and panels imported from companies in India, Indonesia and Laos. The additional duties were justified on the grounds that the solar panel industries in these three countries benefited from government subsidies.
The US established a tariff of 104.38 per cent for imports from Indonesia, India faced a tariff of 125.87 per cent and Laos faced a tariff of 80.67 per cent. The US also plans to raise tariffs for a number of countries from the 10 per cent level to 15 per cent or higher.
Beyond standard tariffs, the US also calculated individual tariffs for specific companies. In Indonesia, PT Blue Sky Solar faced a tariff of 143.3 per cent and PT REC Solar Energy faced a tariff of 85.99 per cent.
Additional pressure came from plans by the US Trade Representative (USTR) to open a Section 301 investigation into Indonesian trade practices to examine industrial capacity and fisheries subsidies. The USTR would subsequently make decisions regarding what types of tariffs should be applied.
“The results of this investigation will subsequently be compared against measures taken by Indonesia in fulfilling its commitments to address US concerns,” explained the Phintraco Securities analyst team in their daily research dated Thursday, 26 February 2026.
On technical grounds, the IHSG decline was held at the 20-day moving average around the 8,204 level. However, the positive MACD histogram formation contracted further and the stochastic RSI formed a death cross in the overbought area.
The transportation sector corrected most sharply, declining 4.54 per cent. The cyclical consumer sector weakened 2.59 per cent and the infrastructure sector fell 2.41 per cent.
Transaction value reached IDR 27.96 trillion with transaction volume of IDR 53.45 billion. This represented an accumulation of total trading conducted by investors across 3.05 million transactions.
Phintraco Securities also reported three listed equities with the highest price jumps among the 45 leading shares (LQ45) as follows:
Indofood Sukses Makmur Tbk (INDF) shares surged 2.28 per cent or 150 points and closed at 6,725.
Charoen Pokphand Indonesia Tbk (CPIN)