IHSG Vulnerable to Volatility Ahead of Eid, Check Analysts' Stock Picks
Jakarta, 17 March 2026 — Indonesia’s composite stock index (IHSG) is forecast to remain volatile in Tuesday trading, following a 1.61 per cent decline to 7,022.288 at Monday’s market close.
Market analyst and Founder of Republik Investor, Hendra Wardana, stated that the index’s support level is positioned at 7,000, a level that could potentially serve as a defensive point for domestic investors to accumulate shares.
“Should global pressure continue, it is possible the IHSG could test 6,900 as the next support level,” said Hendra when contacted by Kompas.com on Monday evening.
According to Hendra, once the Eid holiday period concludes and market liquidity returns to normal, opportunities for IHSG rebound could emerge as institutional investors reposition their portfolios.
From a domestic perspective, the market remains in an adjustment phase following scrutiny from Morgan Stanley Capital International (MSCI) regarding transparency and trading mechanisms in Indonesia’s capital market.
This combination of factors has made IHSG movements notably fluctuating as market participants await certainty regarding economic policy direction and financial market stability.
“In current volatile market conditions, the primary strategy for investors is maintaining rigorous risk management discipline. Investors should refrain from aggressively purchasing shares whilst the market remains in a correction phase,” he explained.
He also cautioned investors against panic selling, noting that pre-holiday market declines are often triggered by short-term liquidity requirements rather than fundamental changes.
Compared with other Asian stock markets such as the Hang Seng Index and Shanghai Composite Index, Indonesia’s stock market retains appeal from domestic economic growth and a substantial consumer base.
Amid global market volatility, the gold mining sector is also attracting investor attention. This is reflected in Indonesian gold mining stocks such as PT Archi Indonesia Tbk (ARCI), PT Amanah Gold Resources Tbk, and PT J Resources Asia Pacific Tbk (PSAB) being included in the MVIS Global Junior Gold Miners Index, which serves as a benchmark for various global investment products, including the VanEck Junior Gold Miners ETF.
This inclusion is considered likely to enhance the visibility of Indonesian gold mining issuers in the global market, potentially opening opportunities for passive fund inflows from international institutional investors tracking the index.
PT Medco Energi Internasional Tbk (MEDC) is recommended as a speculative buy with a price target of Rp1,900, whilst PT Surya Citra Media Tbk (SCMA) is recommended as a trading buy with a target of Rp320.
BRI Danareksa Sekuritas technical analyst, Reza Diofanda, recommends PT Triputra Agro Persada Tbk (TAP), PT AKR Corporindo Tbk (AKRA), and PT Bukalapak.com Tbk (BUKA) for a buy strategy.