The Composite Stock Price Index (IHSG) is projected to continue its correction toward the range of 7,245–7,447 in Wednesday’s trading session (April 22, 2026), following its previous close in negative territory. Nevertheless, several stocks such as BRPT, CDIA, and RATU remain on analysts’ recommendation lists. MNC Sekuritas analysts noted that the IHSG declined by 0.46% to 7,559 during Tuesday’s trading (April 21, 2026), amid prevailing selling pressure. The correction is considered to have approached its minimum target while also closing the nearest gap.

From a technical perspective, the IHSG is currently estimated to be at the end of wave [iv] under the black label or alternatively wave [a] of wave B under the red label. This suggests that the index remains vulnerable to further correction, with the nearest downside target expected to test the 7,245–7,447 range while closing several existing gaps. However, in the short term, the IHSG still has the potential to test an upside range of 7,580–7,601. For today’s trading, support levels are seen at 7,488 and 7,351, while resistance levels are at 7,700 and 7,861. MNC Sekuritas recommends stocks including BRPT, CDIA, PTRO, and RATU.

The earlier pressure on the IHSG was also influenced by declines in large-cap stocks. The index closed down 0.46% at 7,559.38 on Tuesday (April 21, 2026), after opening at 7,560.28 and reaching a high of 7,568.98. Market capitalization stood at Rp13,468.52 trillion. A total of 386 stocks advanced, 264 declined, and 168 remained unchanged. During this movement, several big-cap stocks weighed on the index, particularly due to sentiment surrounding the MSCI rebalancing plan.

Shares of PT Dian Swastatika Sentosa Tbk. (DSSA) plunged 14.98% to Rp2,780, while PT Barito Renewables Energy Tbk. (BREN) dropped 9.47% to Rp5,975, placing both among the top laggards. PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI) also declined 4.94% to Rp3,270, followed by PT Telkom Indonesia (Persero) Tbk. (TLKM), which fell 2.90% to Rp3,010. On the other hand, several stocks still posted gains, led by PT Trimitra Propertindo Tbk. (LAND), which surged 34.72% to Rp97, and PT LCK Global Kedaton Tbk. (LCKM), which rose 34.48% to Rp156.

As context, MSCI announced the results of its review of Indonesian stocks in the MSCI Global Standard Indexes on Monday (April 20, 2026), including a key point regarding the potential removal of stocks classified under High Shareholding Concentration (HSC). Maybank Sekuritas Head of Investment Specialist Fath Aliansyah Budiman stated that this creates risk for two constituents, BREN and DSSA, which may be affected by the index rebalancing. He noted that significant selling pressure has likely already occurred, shifting market focus toward potential continued outflows from passive funds.

According to him, any remaining outflow is expected to come from passive fund managers, with effectiveness starting June 1, 2026. Based on MSCI Emerging Market data as of March 2026, Indonesia’s weight stands at around 1%. With total global passive funds linked to MSCI reaching US$1.4 trillion, potential outflows are estimated at around Rp6 trillion for BREN and Rp9 trillion for DSSA. He added that the MSCI rebalancing announcement will take place on June 12, while the effective outflow date is June 1.

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