IHSG Reverses Course, Closes 0.30 Percent Lower at 6,315 Despite Early Energy and Commodity Boost

The Indonesia Stock Exchange (IDX) Composite index (IHSG) failed to maintain its early strengthening, closing 0.30 percent lower at 6,315.31 on Thursday, down 19.17 points from the previous close of 6,334.48. The index experienced a volatile session, opening at 6,346.62 and reaching an intraday high of 6,454.31 before reversing course to hit a low of 6,306.65.

The early rally was driven by strong performances in commodity-based sectors. The energy sector index (IDXEnergy) surged 4.32 percent, while the basic materials sector (IDXBasic) gained 2.71 percent during the first session. This pushed the IHSG up by 95.67 points, or 1.51 percent, to 6,430.15 at the midday break, with the LQ45 index also rising 6.20 points, or 0.98 percent, to 638.75.

Analyst Herditya Wicaksana from MNC Sekuritas attributed the initial gains to a rally in conglomerate stocks and commodity-based issuers, particularly in the energy and gold sectors. The surge was fuelled by rising global crude oil and gold prices, which gained safe-haven appeal amid escalating geopolitical tensions in the Middle East. MNC Sekuritas had projected the IHSG could test levels between 6,447 and 6,476 during the day’s trading. However, selling pressure in the second session erased the early gains, pushing the index into negative territory by the close.