IHSG Plummets; Analysts Reveal Stocks Still Worth Chasing During Market Volatility
Jakarta — The sharp fall in the Indonesian composite stock index (IHSG) by hundreds of points at the start of the week has triggered concern among market participants. Following a plunge of 248.318 points or 3.27 per cent to the 7,337.369 level at the previous market close, IHSG movements are expected to remain volatile in the near term.
Capital market observer and founder of Republik Investor, Hendra Wardana, anticipates index movements will continue to fluctuate considerably in the short term.
According to him, global uncertainty remains the primary factor restraining market optimism, particularly regarding Middle East conflicts and persistently elevated global oil prices.
As long as the Middle East conflict remains unresolved and oil prices remain at elevated levels, global markets are likely to maintain a cautious stance.
Additionally, investors are also awaiting the direction of interest rate policy from the United States’ central bank, the Federal Reserve (The Fed), which is considered likely to determine the flow of global capital to developing nations.
“Within this context, IHSG technically has the potential to move volatilely within a consolidation range before gradually rebuilding recovery momentum,” said Hendra to Kompas.com on Monday evening (9 March 2026).
In the banking sector, PT Bank Negara Indonesia (Persero) Tbk, or BBNI, is considered particularly attractive. The bank’s fundamentals are regarded as relatively robust with stable credit growth and sustained profitability ratios.
Additionally, plans to distribute dividends of approximately 65 per cent from 2025 net profits also demonstrate the company’s ability to generate solid cash flow.
With valuations that have adjusted following market corrections, BBNI shares are considered attractive for speculative buying with a price target around Rp 4,500.
Meanwhile, in the heavy equipment and commodities sector, PT United Tractors Tbk, or UNTR, is also considered worthy of investor attention.
Hendra notes that this issuer has strong business diversification, ranging from heavy equipment and mining contractors to gold mining through subsidiary entities. With a strong balance sheet position and potential contribution from mineral business going forward, UNTR shares are considered attractive for speculative buying with a price target around Rp 31,000.
With brand strength, extensive distribution networks, and potential for domestic consumption improvement, UNVR shares are considered to have rebound potential with a speculative buy recommendation and a price target around Rp 2,200.
Additionally, a number of securities analysts have also provided technical recommendations for several other shares for trading on Tuesday (10 March 2026).