Business · Markets · 5 hrs ago
Indonesia’s Stock Index Faces Risks of a Pullback After Weekly Gain
Indonesia’s Jakarta Composite Index rose 0.94% over the week ending October 9, although it fell on two of the five trading days.
An analyst at MNC Sekuritas said the index could face a pullback in the coming week, with support at 5,973 and resistance at 6,227.
Investors are watching US inflation data because it may influence the Federal Reserve’s interest-rate decisions.
The rupiah’s exchange rate against the US dollar, foreign investment flows and oil prices could also affect the market.
Geopolitical developments involving the United States and Iran are another concern because they could influence oil prices.
The analyst named Barito Pacific, Bumi Resources and Merdeka Copper Gold as stocks to watch, with possible price targets of 1,630, 208 and 3,100, respectively.
Another market observer expects the index to move unevenly on Monday, October 12, with a limited rise possible if it stays above 6,000.
Indonesia’s benchmark stock index rose 0.94% over the week ending October 9, 2026.
Technical analyst Herditya Wicaksana said the index remained vulnerable to a pullback in the following week.
He forecast support at 5,973 and resistance at 6,227.
Market direction could be affected by US inflation data, the rupiah, foreign investment flows and oil prices.
Investor Hendra Wardana said the weekly gain was not enough to show that confidence in Indonesia’s stock market had recovered.
- Who
- Indonesia’s benchmark Jakarta Composite Index, known as the IHSG, and investors.
- What
- The index gained 0.94% for the week, but an analyst warned it remained vulnerable to a pullback.
- When
- The week ending October 9, 2026; the outlook covered the following week.
- Where
- Indonesia’s stock market.
- Why
- The outlook could be affected by US inflation data, the rupiah’s movement, foreign investment flows, commodity prices and geopolitical developments.
This story does not have two clearly opposing sides.
The market is waiting for US inflation data, which is one of the factors determining the direction of the Fed's interest rate policy going forward.
The IHSG's current strengthening is better read as an attempt to recover after a correction.
Foreign investors recorded net buying of Rp30.40 billion today, and throughout 2026 foreign investors recorded net selling of Rp84.99 trillion.
The Indonesia Stock Exchange’s weekly trading period ended with mixed market movements.
The IHSG closed at 6,093, up 62.47 points, or 1.04%, for the day.
Herditya Wicaksana said the index remained vulnerable to a pullback in the coming week.
Hendra Wardana expected the index to fluctuate, with limited gains if it held above 6,000.
- Weekly IHSG gain
- 0.94%
- October 9 closing level
- 6,093
- Herditya’s support level
- 5,973
- Herditya’s resistance level
- 6,227
- Market capitalization increase
- 0.68%, from Rp10.627 trillion to Rp10.701 trillion
Sources
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