IHSG Movement and Market Activity

The Jakarta Composite Index (IHSG) closed higher by 106.15 points, or 1.37 percent, to 7,854 on Friday (September 12).
Total investor transactions amounted to Rp17.86 trillion, with 32.88 billion shares traded.

Over the past week, the index gained on three trading days but declined on the other two. Nevertheless, IHSG recorded a 0.17 percent drop overall during the week.

The Indonesia Stock Exchange (IDX) Corporate Secretary, Kautsar Primadi Nurahmad, stated that during the period of September 8–12, 2025, stock trading showed mixed results.

IDX market capitalization declined 0.57 percent, from Rp14,211 trillion to Rp14,130 trillion at last week’s close. Average daily trading volume also fell 9.87 percent, from 37.24 billion to 33.56 billion shares.

On the other hand, the average daily transaction value increased by 7.6 percent, from Rp18.05 trillion to Rp19.42 trillion.
Meanwhile, the average daily trading frequency fell by 2.21 percent, from 2.08 million transactions to 2.04 million transactions at the close of last week.

Kautsar added, “Foreign investors posted a net sell of Rp31.59 billion today, and as of 2025, their cumulative net sell reached Rp61.72 trillion,” in his official statement on Thursday (September 4).

IHSG Outlook for the Coming Week

Kiwoom Sekuritas Indonesia VP Equity Retail, Oktavianus Audi, noted that despite IHSG falling 0.17 percent last week, signs of recovery appeared in the last three trading days. He projected the index to strengthen within a support range of 7,730 and resistance at 7,925 on Monday (September 15).

He explained that earlier market pressure stemmed from several sentiments, including the cabinet reshuffle raising concerns about fiscal policy stability, as well as the proposed transfer of Rp200 trillion in government funds from Bank Indonesia (BI) to banks, which is expected to reduce funding costs and accelerate state budget projects.

From a global perspective, Oktavianus said the dovish stance of the Federal Reserve, signaling two possible rate cuts by the end of 2025, has also shifted investor appetite toward riskier assets.

Looking ahead, he said market players will focus on Bank Indonesia’s rate decision, expected to remain at 5 percent, and the Fed’s move to potentially cut the Fed Funds Rate (FFR) by 25 basis points to 4.25 percent.

“We believe this easing could give BI room to adopt a dovish stance, while also attracting potential foreign inflows into IHSG,” Oktavianus told CNNIndonesia.com on Sunday (September 14).

Stock Recommendations

Based on technical analysis, Oktavianus recommended several stocks to watch this week:

1. PT Bumi Resources Minerals Tbk (BRMS) – rose 4.51 percent to 510 last week, projected to reach 570.

2. PT Amman Mineral Internasional (AMMN) – gained 1.55 percent to 8,175 last week, projected to hit 8,750.

3. PT Bank Negara Indonesia (BBNI) – climbed 2.26 percent to 4,520 last week, projected to reach 5,000.

In line with this, MNC Sekuritas Technical Analyst Herditya Wicaksana predicted IHSG would see limited upside this week, with support at 7,765 and resistance at 7,952.

He noted that market movements will be influenced by several key factors, including China’s industrial data release, Bank Indonesia’s interest rate decision (likely unchanged at 5 percent), expectations of an FFR cut to 4.25 percent, as well as rupiah exchange rate dynamics and global gold prices.

“With these conditions, we see that IHSG still has room to strengthen, although gains will be limited,” said Herditya.

He also recommended several stocks:

1. PT Merdeka Copper Gold Tbk (MDKA) – rose 1.20 percent to 2,530 last week, projected to reach 2,650.

2. PT Solusi Sinergi Digital Tbk (WIFI) – gained 0.78 percent to 2,600 last week, projected to reach 2,770.

3. PT Semen Indonesia (Persero) Tbk (SMGR) – advanced 3.24 percent to 2,870 last week, projected to hit 2,960.