IHSG Suddenly Reverses Direction, Closes Down 0.30% at 6,315

The Jakarta Composite Index (IHSG) weakened on Thursday (23/7/2026) despite having surged strongly in the first session to breach the 6,400 level. According to data from the Indonesia Stock Exchange (BEI), the IHSG closed down 19.16 points, or 0.30%, at 6,315.31. Throughout the day, the index moved within a range of 6,306.65 to 6,437.20.

Trading activity was relatively busy, with transaction values reaching Rp 23.94 trillion on a volume of 63.32 billion shares traded over 3.19 million transactions. A total of 321 stocks advanced, 299 declined, and 176 remained stagnant. The market capitalisation of the Indonesia Stock Exchange fell to Rp 11,085 trillion.

The decline was primarily driven by the financial sector, which fell 1.47% and holds the largest weighting on the IHSG. Specifically, pressure came from PT Bank Central Asia Tbk (BBCA), which dropped 3.46% and shaved nearly 20 points off the index. Other stocks weighing on the index included PT Astra International Tbk (ASII) and PT Telkom Indonesia (Persero) Tbk (TLKM).

From a technical perspective, the IHSG’s successful breach of the 6,400 level in the first session was a positive signal for the short-term trend. After a slight correction on Wednesday ended a nine-day rally, the index rebounded to record a higher high. On the daily chart, the IHSG remains well above its 9-day weighted moving average (WMA) around 6,257, confirming the short-term uptrend. The 6,400 area, previously a resistance level, has now become a critical level to maintain. If the index can hold above this level by the close, the opportunity to strengthen towards the 6,450-6,500 range will remain open. Conversely, failure to maintain this level could trigger short-term profit-taking, especially after the index surged more than 23% from its low point in early June.

In terms of sentiment, the earlier gains came after Bank Indonesia held its benchmark interest rate (BI Rate) at 5.25%, in line with market expectations. Although foreign investors recorded a net sell of Rp 920.3 billion in the previous session, domestic investor optimism and a rotation into commodity and technology stocks helped sustain the market’s momentum.