IHSG Opens Higher, Rupiah Weakens in Early Trading

The Jakarta Composite Index (IHSG) started the day in the green zone during the Indonesia Stock Exchange (IDX) trading session on Thursday (February 20, 2025). However, the rupiah weakened in the spot market this morning.

According to RTI data, as of 09:02 AM WIB, IHSG stood at 6,806.87, rising 12.00 points (0.18%) from the previous close of 6,794.86.

A total of 210 stocks advanced, while 112 declined, and 207 remained unchanged. The total transaction value reached IDR 546.92 billion, with a trading volume of 768.85 million shares.

Global and Domestic Sentiment Impacting Markets

Maximilianus Nico Demus, Director of Research and Investment at Pilarmas Investindo Sekuritas, stated that the Federal Reserve is expected to maintain interest rates amid fluctuating inflation.

This decision has left investors and market participants uneasy, as the previous rate cut of 100 basis points at the end of 2024 has not been followed by further reductions.

On the domestic front, the Indonesian government is considering delaying the implementation of the 15% global minimum tax.

The Coordinating Minister for Economic Affairs noted that this policy is still under discussion, considering global dynamics, including U.S. President Donald Trump’s decision to withdraw the U.S. from the global tax agreement after returning to office.

"Based on technical analysis, IHSG is expected to experience limited weakness, with support and resistance levels at 6,650–6,870," the report stated.

Ivan Rosanova, an analyst at Binaartha Sekuritas, predicts that IHSG could correct to 6,625–6,700 if it falls below the minor support level of 6,772.

However, if IHSG remains above 6.772, the previous upward trend could continue towards the 7,000–7,041 resistance level.

"IHSG support levels are at 6,772, 6,728, 6,613, and 6,480, while resistance levels are at 7,041, 7,174, and 7,349. The MACD indicator shows a neutral condition," he explained.

Asian Market Movements

Meanwhile, Asian stock markets showed mixed movements:

• Straits Times rose 0.13% (5.2 points) to 3,939.24
• Shanghai Composite fell 0.14% (4.81 points) to 3,346.73
• Nikkei 225 dropped 1.19% (468 points) to 38,714.00
• Hang Seng declined 0.92% (211.49 points) to 22,732.75

Rupiah Weakens Against U.S. Dollar

The rupiah weakened against the U.S. dollar in the spot market this morning.

According to Bloomberg data, at 09:08 AM WIB, the rupiah stood at IDR 16,365 per USD, weakening by 40.5 points (0.25%) from the previous close of IDR 16,324.5 per USD.

Market analyst Ariston Tjendra noted that The Fed's latest meeting minutes indicated that interest rates may remain high for longer, as the central bank awaits inflation, employment data, and the impact of Trump’s tariff policies.

"Today's potential rupiah weakness could reach 16,380, with support around 16,290," he added.

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