IHSG Opens in the Green, Then Plunges: Here's the Culprit

The Jakarta Composite Index (IHSG) reversed direction during the first trading session on Tuesday (11/8/2026). The index had initially opened in positive territory, gaining 0.29 percent at the start of trading.

According to data from the Indonesia Stock Exchange (IDX), the IHSG closed down 55.50 points, or 0.87 percent, at 6,309.87 at the end of the first session. The index had opened at 6,383.81.

Throughout the first session, the IHSG moved quite erratically, ranging between 6,291.19 and 6,388.58. The index even fell as much as 1.15 percent early in trading before finally closing at 6,309.87 in the first session.

So why did the IHSG, which had strengthened at the opening, reverse course and plunge by midday?

Pressure on the IHSG was evident from the majority of stocks moving lower in the first session. A total of 488 stocks were recorded as declining, while 169 stocks still gained and 306 others remained flat.

The pressure from the majority of stocks meant the IHSG’s early gains could not be sustained until the close of the first session.

Trading activity was also quite high. Total transaction volume reached 20.04 billion shares with a value of approximately Rp7.83 trillion. Meanwhile, transaction frequency was recorded at 1.21 million times.

The pressure on the IHSG was further underscored by the fact that all stock sectors were in negative territory during the first session.

The utilities sector was among the deepest decliners, falling 1.38 percent. The financial sector then corrected by 1.14 percent.

The technology sector also weakened by 1.03 percent. The property sector fell 1 percent, while non-primary consumer goods corrected by 0.98 percent.

The declines across various sectors indicate that the pressure was not confined to a single group of stocks but spread across the domestic stock market.

In addition to the broad-based weakness, the movement of several large-capitalisation stocks also weighed on the IHSG.

One of the biggest contributors to the decline was PT Bank Central Asia Tbk (BBCA). BBCA shares were at Rp6,250 per share, down 0.20 percent.

BBCA’s movement contributed approximately 12.47 points to the IHSG’s decline.

Besides BBCA, several other stocks also put pressure on the index. Shares of VKTR Teknologi Mobilitas (VKTR) contributed approximately 3.13 points of pressure.