IHSG Soars 7.57% Today, Recording Highest Surge in the Reform Era

The Jakarta Composite Index (IHSG) recorded a significant surge at the close of trading on Tuesday (9/6/2026), soaring 7.57% to 5,746.65. This massive single-day gain propels the domestic index into the ranks of the highest daily appreciation records in the history of the capital market, particularly when reviewed since the early 2000s at the start of the reform era. Statistically, since the beginning of 2000, an IHSG increase exceeding 6% in a single day is a very rare anomaly. The highest daily gain record during this reform era was set on 26 March 2020, when the index rocketed 10.19% to 4,338.90, driven by a market stimulus response. Besides that momentum, 2008 was a period with the highest frequency of extreme surges due to high volatility from the global financial crisis. The IHSG rose 7.92% on 23 January 2008 and soared again by 7.64% on 3 November 2008. The upward trend above 6% was also recorded several times between 2007 and 2010. The market’s reversal of direction was triggered by positive sentiment from a meeting involving the Deputy Speaker of the Indonesian House of Representatives, Sufmi Dasco Ahmad, along with directors of state-owned banks (Himbara), BPJS Ketenagakerjaan, Taspen, BPI Danantara, the Indonesia Investment Authority (INA), and the Minister of State Secretary. There was a strong signal from the government that shares of state-owned banks were worth repurchasing given their depressed valuations. The fundamental performance of state-owned banks was confirmed to be in prime condition. Data showed lending and Third-Party Funds for Himbara banks each growing in the range of 20% to 30%. Liquidity and risk profiles are also well maintained, reflected in a Loan-to-Deposit Ratio in the range of 88% to 90% and a Non-Performing Loan ratio below 2%. Confirmation of the solid fundamentals of these large-capitalisation banks triggered heavy buying flows from domestic institutional investors. The significant index appreciation on the day presents an interesting anomaly, as this accumulation momentum occurred amid bearish sentiment from a benchmark interest rate hike of 25 basis points on Tuesday (9/6/2026) and a persistent capital outflow trend reaching IDR 1.46 trillion by mid-session.