IHSG Soars 1.51% to 6,430, Buoyed by Commodity and Tech Stocks

The Jakarta Composite Index (IHSG) extended its gains on Thursday (23/7/2026), with the index breaking through the psychological level of 6,400 during the morning session after struggling to breach it in recent trading days. According to data from the Indonesia Stock Exchange (BEI), the IHSG closed the first session up 95.68 points, or 1.51%, at 6,430.15. The index moved within a range of 6,338.24 to 6,437.20, recording a new intraday high above 6,400. Trading activity increased, with transaction values reaching Rp11.90 trillion on volume of 34.81 billion shares traded across 1.75 million transactions. A total of 450 stocks advanced, 166 declined, and 177 were unchanged, reflecting broad-based buying across nearly all sectors. The market capitalisation of the Indonesia Stock Exchange rose to Rp11,286 trillion, an increase of nearly Rp200 trillion from the previous close of Rp11,096 trillion. The rally was underpinned by commodity-based, technology, and banking stocks. The property sector led gains with a 6.12% rise, followed by energy at 3.21%, utilities at 2.91%, and basic materials at 2.86%. The healthcare sector was the sole decliner, edging down 0.27%. PT Bumi Resources Tbk (BUMI) was the top contributor to the index’s gain, adding 9.56 points. It was followed by PT Maha Properti Indonesia Tbk (MPRO) with 7.68 points, PT Amman Mineral Internasional Tbk (AMMN) with 6.74 points, PT Bumi Resources Minerals Tbk (BRMS) with 5.21 points, PT Petrindo Jaya Kreasi Tbk (CUAN) with 4.56 points, PT Multipolar Technology Tbk (MLPT) with 3.82 points, and PT Barito Renewables Energy Tbk (BREN) with 3.42 points. Conversely, PT Bank Central Asia Tbk (BBCA) weighed on the index, shaving off 4.41 points. Other stocks that dragged the index lower included PT Astra International Tbk (ASII), PT Telkom Indonesia (Persero) Tbk (TLKM), PT MNC Digital Entertainment Tbk (MSIN), and PT Bank Negara Indonesia (Persero) Tbk (BBNI). From a technical perspective, the IHSG’s successful breach of the 6,400 level is a positive signal for the short-term trend. After a slight correction on Wednesday that ended a nine-day winning streak, the index rebounded and printed a higher high. On the daily chart, the IHSG remains well above the 9-day weighted moving average (WMA) at around 6,257, confirming the short-term uptrend. The 6,400 level, previously a resistance point, is now a crucial level to maintain. If the index can hold above this level until the close, the opportunity to extend gains towards the 6,450-6,500 range will be wide open. Conversely, failure to maintain this level could trigger short-term profit-taking after the index surged more than 23% from its low in early June. The rally was supported by Bank Indonesia’s decision to hold the BI Rate at 5.25%, in line with market expectations. Although foreign investors recorded a net foreign sell of Rp920.3 billion in the previous session, domestic optimism and a rotation into commodity and technology stocks helped sustain the market’s upward momentum.