IHSG Plummets Over 1% in Early Trading: Here's Why
Jakarta, CNBC Indonesia – The Indonesian Composite Index (IHSG) declined in early trading on Friday, 27 February 2026, continuing downward pressure from market opening.
The IHSG fell 1.47%, or declining 121.26 points to 8,114.00 as of 09:11 WIB. The index opened weaker at 8,211.31 and came under immediate pressure, touching an intraday low of 8,093.75. The morning high reached 8,214.45, significantly below the previous closing level of 8,235.26.
From a liquidity standpoint, transaction value reached Rp2.98 trillion with a volume of 7.98 billion shares across 397,000 transactions. A total of 507 stocks declined, with only 124 advancing and 327 unchanged, reflecting dominant selling pressure in the market.
However, by 09:36 WIB, the IHSG had trimmed losses to -0.29%.
According to Refinitiv data, the IHSG decline of up to -1.47% was primarily driven by weakness in mega-capitalisation stocks (big caps) with significant weightings in the index.
Two conglomerate shares, Barito Renewables Energy (BREN) and Dian Swastatika Sentosa (DSSA), respectively burdened the IHSG by -9.26 index points and -8.23 index points.
The following 10 listed companies were the principal drags based on their contribution to the index decline (in index points):
– Barito Renewables Energy (BREN): -9.26 points
– Dian Swastatika Sentosa (DSSA): -8.23 points
– Bank Central Asia (BBCA): -7.11 points
– Bank Rakyat Indonesia (BBRI): -6.29 points
– Telkom Indonesia (TLKM): -5.26 points
– Chandra Asri Pacific (TPIA): -3.11 points
– Barito Pacific (BRPT): -2.58 points
– Astra International (ASII): -2.05 points
– GoTo Gojek Tokopedia (GOTO): -1.97 points
– Petrindo Jaya Kreasi (PTRO): -1.81 points
Combined, these ten stocks accounted for more than 47 points of the index decline, representing approximately one-third of the total IHSG correction of 121 points this morning.
The greatest pressure clearly originated from the energy and conglomerate sector (BREN, DSSA, BRPT) and large banking shares (BBCA and BBRI), which carry significant weightings in the index structure.
Friday’s equity market movement is expected to remain broadly sideways with downside potential. The correction window opened after Thursday’s session, when market participants began profit-taking activity.
From a technical perspective, Thursday’s IHSG weakness reinforced signals of continued correction. This is evidenced by the formation of a Bearish Rising Wedge pattern – a price rally occurring within progressively narrowing trading ranges. This pattern is commonly interpreted as a sign that the uptrend is losing momentum and is vulnerable to reversal.
This pattern emerged after the IHSG plummeted in late January, followed by a gradual recovery. However, the index failed multiple times to breach the psychological level of 8,400. The failed rally in that zone subsequently triggered the formation of a wedge, which theoretically often concludes with a downside breakout and triggers further correction.
Should this Bearish Rising Wedge scenario be confirmed, the IHSG could potentially test support levels around 7,900 to 7,800, or open downside space of approximately 4%.