IHSG Opens Down 2.79%, Asian Markets and Wall Street Weaken amid Oil Price Threats

Jakarta – Indonesia’s composite stock index IHSG plummeted 211 points, or 2.79%, to 7,374 at the opening of trading on Monday, 9 March 2026.

Fanny Suherman, Head of Retail Research at BNI Securities, forecasted that IHSG has potential for a rebound during today’s trading session.

“IHSG could potentially rebound to 7,650. However, if it fails to break above 7,700, it will likely correct back towards the 7,400s,” Fuherman stated in her daily research note on Monday, 9 March 2026.

She noted that Asian markets weakened during Friday’s trading of the previous week. Japan’s Nikkei 225 index rose 0.62%, whilst the Topix strengthened 0.39%, Hong Kong’s Hang Seng increased 1.72%, and Taiwan’s Taiex declined 0.22%.

Meanwhile, South Korea’s Kospi rose modestly by 0.02%, Australia’s ASX 200 weakened by 1%, Singapore’s Straits Times rose 0.03%, and Malaysia’s FTSE strengthened by 0.28%.

Asian stock markets showed mixed performance amid prolonged Middle East conflict and renewed Iranian attacks, which pushed down risk assets. Meanwhile, most investors’ attention turned to crude oil, with WTI crude trading at US$91 per barrel.

This occurred after the Trump administration considered various options to address surging oil and petrol prices amid the Iran conflict.

Investor focus will now shift to the US non-farm payrolls report. Previously, US unemployment claims data remained relatively stagnant last week. The non-farm payrolls report, to be released on Friday US time, is expected to show a slowdown in hiring during the previous month.

“IHSG support levels are positioned at 7,400-7,480 whilst resistance levels are in the 7,650-7,700 range,” she noted.

For context, major Wall Street indices closed weaker at the end of Friday’s trading of the previous week, amid softness in the US labour market and crude oil prices rising 12% due to escalating Middle East conflict.

The Dow Jones Industrial Average declined 0.95%. The disappointing employment report raised concerns that the US economy may be slowing precisely as Middle East geopolitical tensions push energy costs sharply higher.

Oil prices surged due to US-Israeli military strikes on Iran that halted shipping through the Strait of Hormuz, and due to warnings from Qatar that crude oil prices could spike to as high as US$150 per barrel.