JCI Soars Today, Here Are the Triggers
Indonesia’s stock market regained its vigour in morning trading. The Composite Stock Price Index (IHSG) broke through the psychological level of 6,400, a level that had proven difficult to breach in several recent trading sessions.
According to data from the Indonesia Stock Exchange (IDX), at the end of the first session the IHSG strengthened by 95.68 points, or 1.51%, to 6,430.15. Throughout the morning session, the index moved within a range of 6,338.24–6,437.20, recording an intraday high above 6,400.
Trading activity also picked up. Transaction value reached Rp 11.90 trillion, with a volume of 34.81 billion shares traded across 1.75 million transactions.
Herditya, an analyst at MNC Sekuritas, said today’s IHSG gains were driven by conglomerate-linked companies and energy issuers, spurred by global oil price sentiment.
“We estimate that today’s strengthening of the IHSG was driven by gains in conglomerate-linked issuers as well as energy commodity and gold issuers, given the rise in crude oil and gold prices amid the re-escalation of the Middle East conflict,” he said when contacted by CNBC Indonesia on Thursday (23/7/2026).
Another supporting factor providing fresh impetus for the IHSG was the strengthening of the rupiah exchange rate.
“The rupiah has tended to move steadily against the US dollar today,” he said.
Lukman Leong, an analyst at Doo Financial Futures, expressed a similar view, saying the IHSG had been lifted by the mining sector.
“The valuations of IHSG stocks at current levels are indeed very attractive, particularly today, with the energy sector supported by the renewed rise in global crude oil prices and the property sector responding positively to Bank Indonesia’s decision to hold interest rates,” he concluded.
For context, the Indonesia Stock Exchange’s market capitalisation also rose to Rp 11,286 trillion, an increase of nearly Rp 200 trillion compared with the previous trading day’s close of Rp 11,096 trillion.
The IHSG’s gains were underpinned by a rally in commodity-based, technology and banking stocks. By sector, property led the gains with a rise of 6.12%, followed by energy at 3.21%, utilities at 2.91% and basic materials at 2.86%.
The healthcare sector was the only one to slip into the red, down a marginal 0.27%.
PT Bumi Resources Tbk (BUMI) was the biggest contributor to the IHSG’s gains, 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.
Meanwhile, pressure on the index came from PT Bank Central Asia Tbk (BBCA), which shaved 4.41 points off the IHSG. Other stocks weighing on the index 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).