IHSG poised to weaken amid global crude oil price volatility
Jakarta — Indonesia’s composite stock index (IHSG) on the Indonesia Stock Exchange (IDX) is expected to move weakly on Thursday amid volatility in global crude oil prices.
The IHSG opened stronger by 9.45 points or 0.13 per cent to 7,398.85, whilst the blue-chip LQ45 index rose 1.34 points or 0.18 per cent to 753.58.
“Kiwoom Research believes the IHSG will struggle to climb significantly ahead of the extended Idul Fitri holiday next week, so our best current projection is a sideways movement whilst maintaining the critical support area of 7,335–7,120 to prevent another breach,” said Liza Camelia Suryanata, Head of Research at Kiwoom Securities Indonesia, in her analysis in Jakarta on Thursday.
Globally, crude oil prices recovered despite the International Energy Agency (IEA) releasing the largest emergency reserves in history, totalling 400 million barrels — far exceeding the 182 million barrel release during the 2022 energy crisis.
West Texas Intermediate (WTI) crude rose 7.95 per cent to 94.19 US dollars per barrel, whilst Brent crude climbed 8.01 per cent to 99.35 US dollars per barrel, according to trading data at 09:35 Western Indonesia Time.
Attacks on ships in the Strait of Hormuz have threatened global energy supplies, with Iran warning that crude oil prices could reach 200 US dollars per barrel if the conflict escalates further.
From the United States, February’s CPI inflation rose 0.3 per cent month-on-month and 2.4 per cent year-on-year, though this data does not yet reflect the latest energy price surge, prompting markets to anticipate increased risks of tighter monetary policy.
Domestically, Indonesia’s February 2026 state budget deficit reached 135.7 trillion rupiah or 0.53 per cent of GDP, in line with budget design as spending was accelerated evenly throughout the year despite positive state revenues and budget financing declining 33 per cent compared to the previous year.
The Parliamentary Commission XI also selected Friderica Widyasari Dewi as chair of the Financial Services Authority (OJK) for the 2026–2031 period, along with designating four additional officials — Hermawan Bekti Sasongko, Hasan Fawzi, Dicky Kartikoyono, and Adi Busiarso — as OJK board commissioners. These appointments are scheduled for ratification in the plenary session of parliament on 12 March 2026.
European stock markets closed weaker on Wednesday, 11 March, including the Euro Stoxx 50 declining 0.70 per cent, the British FTSE 100 falling 0.56 per cent, Germany’s DAX index dropping 1.37 per cent, and France’s CAC index sliding 0.19 per cent.
US equity markets showed mixed performance on Wednesday, 11 March, with the S&P 500 falling 0.1 per cent to 6,775.17, the Dow Jones Industrial Average declining 0.6 per cent to 47,417.27, whilst the Nasdaq Composite rose 0.1 per cent to 22,716.14.
Asian regional stock markets showed mixed results this morning: Japan’s Nikkei 225 fell 821.29 points or 1.49 per cent to 54,204.10, Shanghai’s index rose 4.20 points or 0.10 per cent to 4,137.54, Hong Kong’s Hang Seng declined 206.50 points or 0.80 per cent to 25,692.31, and Singapore’s Strait Times index fell 15.33 points or 0.32 per cent to 4,848.50.