The Jakarta Composite Index (IHSG) plunged during trading on Tuesday (February 24, 2026). After rallying strongly the previous day, the index dropped by 115 points or 1.37% to close at 8,280.83 at the end of the second session.

A total of 153 stocks advanced, 567 declined, and 99 remained unchanged. Trading value before the close reached Rp29.51 trillion, involving 60.75 billion shares across 3.41 million transactions. Market capitalization also slipped below Rp15,000 trillion.

All sectors ended in negative territory, with the financial sector recording the mildest decline. Meanwhile, the non-cyclical consumer, property, energy, and basic materials sectors posted the steepest losses of the day.

Shares of companies affiliated with major conglomerate groups fell broadly and weighed heavily on the IHSG’s performance.

Copper mining company Amman Mineral Internasional (AMMN), linked to the Salim Group and the Panigoro family, tumbled 4.49% to Rp7,450 per share, contributing a 10.62-point drag on the index. Meanwhile, coal miner Dian Swastatika Sentosa (DSSA) of the Sinar Mas Group declined 2.96% to Rp84,425 per share, subtracting 9.11 index points.

Additionally, Bakrie Group stocks BUMI and BRMS, along with Barito Group companies owned by Prajogo Pangestu, BRPT and BREN, also added pressure to the IHSG.

Entering the second trading day of the week, domestic financial market sentiment actually remained relatively positive. Market participants appeared to have largely anticipated the renewed reciprocal tariff issue, resulting in a more measured market response.

As widely known, US President Donald Trump threatened to impose higher tariffs on countries deemed to be undermining the latest trade agreements, after the Supreme Court last week blocked several broad global tariffs previously implemented.

The warning came as countries worldwide reassessed which tariffs and trade agreements remained valid following the ruling, which overturned most of the tariffs introduced by Trump last year.

On Monday, the European Union announced it would suspend ratification of the agreement reached last summer.

India also stated it would postpone previously scheduled talks aimed at finalizing the new agreement.

Through social media, Trump cautioned countries against using the court’s ruling as justification to retreat from trade commitments made in response to last year’s tariffs.

“Any country that wants to ‘play games’ with this ridiculous Supreme Court decision—especially those that have ‘taken advantage’ of the US for years, even decades—will face far higher and harsher tariffs than those they just agreed to,” Trump wrote on Truth Social, as quoted by the BBC.

From a technical standpoint, the IHSG is now attempting to break through the psychological level of 8,400, which also serves as a resistance area. If this level is surpassed, the next upside target lies in the range of 8,600 to 8,700.

That zone represents a gap formed when the IHSG experienced heavy selling pressure at the end of January, after MSCI announced a freeze on Indonesia’s stock index and indicated the potential downgrade of its status from emerging market to frontier market.

Historically, technical gaps tend to be filled over time, although the timing cannot always be predicted. With the current momentum, the possibility of the IHSG closing that gap remains open.

The encouraging news is that foreign funds have begun flowing significantly into the domestic stock market. Foreign investors recorded net inflows for four consecutive days totaling Rp3.2 trillion, signaling rising confidence in Indonesia’s capital market.