Business · Markets · 4 hrs ago
Analysts See Possible Rebound in Indonesia’s Stock Index After Sharp Drop
Indonesia’s Jakarta Composite Index fell 3.49% on Thursday, closing at 5,098 after 624 stocks declined.
The index tracks shares traded on Indonesia’s stock market, and analysts were assessing whether it could recover on Friday.
Two analysts said a short-term rebound was possible, though they differed on the index’s likely levels.
One said a further correction could take it to 5,116 unless it rises above 5,418; another said a rebound remained possible as long as it stayed above 4,972.
Those levels show that further losses are still a risk, despite the chance of a recovery.
The index’s next move will depend on whether selling pressure deepens or buyers return.
Indonesia’s Composite Stock Price Index may rebound in the short term after a sharp fall, analysts said.
The index closed at 5,098 on Thursday, down 184.25 points, or 3.49 percent.
MNC Sekuritas analyst Herditya Wicaksana said a hammer candle pattern and a close above the 50 percent Fibonacci retracement level supported the possibility of a rebound.
Binaartha Sekuritas analyst Ivan Rosanova said a rebound remained possible if selling pressure did not push the index below 4,972.
Both analysts said the correction could continue before the index gains ground.
- Who
- Analysts Herditya Wicaksana of MNC Sekuritas and Ivan Rosanova of Binaartha Sekuritas.
- What
- They said Indonesia’s stock index may rebound, although its correction could continue.
- When
- The forecast was for trading on Friday, October 30, 2026, after the index closed on Thursday, October 29.
- Where
- Indonesia.
- Why
- Herditya cited a hammer candle pattern and a close above the 50 percent Fibonacci retracement level; Ivan said a rebound was possible if selling pressure did not deepen below 4,972.
This story does not have two clearly opposing sides.
The IHSG closed at 5,098, down 184.25 points, or 3.49 percent.
Analysts forecast the index could rebound in trading, while warning that its correction might continue.
- Closing level
- 5,098 on October 29
- Daily decline
- 184.25 points, or 3.49 percent
- Herditya's ideal retest target
- 5,116
- Ivan's rebound threshold
- 4,972
- Trading value
- Rp11.23 trillion on October 29
What people are saying
The IHSG correction pattern may continue to develop to 5,116 as the ideal retest target, unless the index rises significantly above 5,418.
Although the correction continues below 5,116, the IHSG has an opportunity to rebound and continue wave iv upward as long as it does not break below 4,972.