IHSG Plunges Sharply After Opening, Giant Bank Stocks and Global Oil Volatility Weigh on Market
Jakarta — Indonesia’s composite index (IHSG) traded in negative territory on Monday (9 March 2026), closing at 7,333.74 points, a decline of 251.95 points or 3.32 per cent from the previous position.
The IHSG came under pressure from the opening bell. The index opened at 7,374.31, which was also the session’s highest level. Following the opening, selling pressure pushed the index down substantially to a low of 7,156.68 before gradually recovering and trading around the 7,330 level with limited upside movement.
Trading activity on the Indonesia Stock Exchange (IDX) remained brisk, with transaction volume reaching 20.38 billion shares. Transaction value, or turnover, touched 9.00 trillion rupiah, with trading frequency of 959,073 transactions.
The IHSG showed considerable pressure on Friday (6 March 2026). Over the past week, the IHSG declined approximately 7.8 per cent, reflecting increased selling pressure across nearly all market sectors.
Azharys Hardian, Investment Specialist at Korea Investment and Securities Indonesia (KISI), stated that pressure on the IHSG was driven by large-capitalisation or blue-chip stocks becoming the primary contributors to index declines during last week’s trading.
Banking stocks such as PT Bank Rakyat Indonesia Tbk (BBRI) and PT Bank Central Asia Tbk (BBCA) experienced significant weakness. Beyond the banking sector, PT Bayan Resources Tbk (BYAN) also contributed to the index’s weakness.
“The IHSG declined 7.8 per cent last week, with blue-chip stocks such as BBRI, BBCA and BYAN weighing on the IHSG on Friday,” Azharys said when contacted by Kompas.com on Monday morning.
According to IDX data, BBRI shares fell 6.14 per cent over the past week to 3,670 rupiah per share. Weakness also occurred in PT Bank Mandiri Tbk (BMRI), which corrected 5.59 per cent to 4,980 rupiah per share.
Meanwhile, PT Bank Negara Indonesia Tbk (BBNI) shares declined 2.95 per cent to 4,270 rupiah per share. PT Bank Central Asia Tbk (BBCA) weakened 2.44 per cent and closed at 7,000 rupiah per share.
Upon closer examination, the weakness in these major bank stocks aligned with substantial outflows of foreign investor capital from the banking sector. Over the past week, foreign investors conducted significant net selling in numerous banking stocks.
BMRI shares recorded foreign net selling of approximately 241.58 billion rupiah, whilst BBRI experienced net selling of 492.21 billion rupiah. Selling pressure was also evident in BBNI shares with foreign net selling of 459.39 billion rupiah, and BBCA recording net selling of approximately 707.31 billion rupiah.
The IHSG’s movement touched a support area at the 7,510 level, which represents an important technical boundary for the index. This level typically serves as a temporary holding point when selling pressure increases.
In the near term, the IHSG is projected to potentially weaken further. Pressure stems from increased global geopolitical tensions and substantial weakness in regional equity indices. This environment is driving a risk-off sentiment in the market, causing investors to tend to reduce exposure to risky assets such as shares.
“The IHSG’s movement has touched support at the 7,510 level. Currently, the IHSG is projected to weaken amid geopolitical tensions and significant weakness in regional indices,” he noted.