IHSG Opens Weaker Amid Correction Concerns as Global Oil Prices Surge from Iran-US Conflict

Indonesia’s composite index IHSG opened weaker by 15 points or 0.21 per cent at the 7,374 level at Thursday trading on 12 March 2026.

Fanny Suherman, Head of Retail Research at BNI Securities, predicted that the IHSG would potentially experience correction during today’s trading.

“The IHSG has the potential to continue its correction today,” Suherman said in her daily research on Thursday, 12 March 2026.

She noted that Asia-Pacific stock markets moved variably on Wednesday as investors continued to assess the widening impact of the conflict unfolding in the Middle East.

Australia’s S&P/ASX 200 index rose 0.59 per cent, Japan’s Nikkei 225 index jumped 1.43 per cent, and the Topix index gained 0.94 per cent. South Korea’s Kospi index rose 1.40 per cent, whilst the Kosdaq index declined 0.07 per cent. Meanwhile, Hong Kong’s Hang Seng index weakened 0.24 per cent and Taiwan’s Taiex surged 4.10 per cent.

Oil prices surged to nearly US$120 per barrel on Monday amid concerns over Iran tensions. However, prices later retreated from their peak as traders believed that a group of nations would deploy emergency crude oil reserves to mitigate disruptions caused by the conflict.

“The IHSG support level is at 7,180-7,300 whilst resistance is in the range of 7,450-7,500,” she said.

For context, Wall Street indices mostly declined at Wednesday’s close. Downward pressure came from rising oil prices caused by escalating US-Iran tensions.

The Dow Jones Industrial Average fell 0.61 per cent, and the S&P 500 weakened slightly by 0.08 per cent. Meanwhile, the Nasdaq Composite rose 0.08 per cent. West Texas Intermediate (WTI) oil rose more than 4 per cent to US$87.25 per barrel. Brent Crude surged approximately 4.8 per cent to US$91.98 per barrel.

The rise in oil prices occurred despite the International Energy Agency announcing plans to release up to 400 million barrels from reserves—the largest release in the agency’s history.