Economy

IHSG Surges 5.65% to 5,278 Following Two-Day Slump

Stateline MEDIA Newsroom•October 20, 2026•4 min read

The Jakarta Composite Index (IHSG) soared 5.65% to 5,278.89 on Tuesday, recovering from a two-day plunge amid domestic buying and IDX index rule adjustments.

Key Facts

IHSG ditutup menguat 5,65 persen atau bertambah 282,28 poin ke level 5.278,89 pada penutupan perdagangan Selasa (20/10/2026) — level tertinggi hari itu.
Indeks sempat dibuka melemah di 4.980,16, lalu berbalik naik dan bergerak fluktuatif di kisaran 5.100-5.200 pada sesi pertama yang ditutup menguat 4,16 persen ke 5.204.
Nilai transaksi mencapai sekitar Rp26,3 triliun dengan volume 54,7-56,61 miliar saham; 670-694 saham menguat, 99-111 melemah, dan sisanya stagnan.
Seluruh sektor berakhir di zona hijau: transportasi +8,55 persen, bahan baku +6,62 persen, infrastruktur +5,60 persen, keuangan +5,07 persen; LQ45 +8,58 persen ke 530 dan IDX30 +8,92 persen ke 297.
Pendorong rebound: bargain hunting usai dua hari tekanan jual, respons cepat BEI yang mengeluarkan 80 saham HSC dari perhitungan IHSG (berlaku bulan depan, dievaluasi tiap 3 bulan), buyback emiten, kesiapan Danantara memborong saham BUMN, dan ajakan 'Buy Indonesia' dari Sufmi Dasco.
Saham perbankan berkapitalisasi besar memimpin: BBCA +7,88 persen ke Rp5.200, BBRI +9,84 persen ke Rp2.790, BMRI +9,82 persen ke Rp3.690; 10 saham menyentuh batas Auto Rejection Atas (ARA), dipimpin ATLA +33,33 persen ke Rp24.
Kontrasnya, investor asing justru mencatatkan net sell Rp1,97-2,2 triliun — rebound kali ini ditopang aksi beli domestik.
Konteks: IHSG anjlok 11,57 persen pada Jumat (16/10/2026) lalu turun 3,64 persen pada Senin (19/10/2026) ke 4.996,61, tertekan konsultasi MSCI soal usulan penurunan klasifikasi pasar Indonesia dari emerging market menjadi standalone market.

Rebounding from two days of pressure

The Indonesia Composite Index (IHSG) recorded a significant surge at the market close on Tuesday (10/20/2026). The index strengthened by 282.28 points, or 5.65 percent, to the level of 5,278.89, which also marked the day's high.

Investor buying following two days of selling pressure served as the main catalyst for the index's recovery, which had previously tumbled over concerns regarding the status of Indonesia's capital market in the eyes of global index provider Morgan Stanley Capital International (MSCI). On Friday (10/16/2026), IHSG plummeted 11.57 percent, and dropped another 3.64 percent on Monday (10/19/2026) to settle at 4,996.61.

Opened lower, closed at the day's peak

The index's trajectory today was not entirely smooth. IHSG opened lower at 4,980.16, but subsequently reversed course, fluctuating within the 5,100–5,200 range during the first session. Session I concluded up 4.16 percent at the 5,204 level.

Entering the second session, buying pressure intensified, pushing IHSG through 5,200 to finally settle at 5,278.89. Trading activity recorded a transaction value of around Rp26.3 trillion with a volume of 54.7 to 56.61 billion shares. A total of 670–694 stocks traded in the green, while 99–111 stocks weakened.

IDX excludes 80 HSC stocks, domestic investors snap up shares

Several factors drove the rebound. The swift response from exchange authorities was welcomed by the market: the Indonesia Stock Exchange (BEI) decided to remove 80 high share concentration (HSC) stocks — including DCII to BREN — from the IHSG calculation, effective next month and subject to review every three months. At the same time, a number of issuers prepared share buybacks amid the IHSG slump, while Danantara announced its readiness to snap up state-owned enterprise (BUMN) shares.

Moral support also arrived from House of Representatives (DPR) Deputy Speaker Sufmi Dasco, who urged the public to 'Buy Indonesia' after the IHSG slipped below 5,000. Big-cap banking shares served as the primary drivers: BBCA rose 7.88 percent to Rp5,200, BBRI gained 9.84 percent to Rp2,790, and BMRI surged 9.82 percent to Rp3,690. As many as 10 stocks hit their Upper Auto Rejection (ARA) limits, led by ATLA, which soared 33.33 percent to Rp24.

Interestingly, foreign investors recorded net sells of Rp1.97 trillion to Rp2.2 trillion on the same day — meaning this rebound was fully supported by domestic buying action.

All sectors green while Asia retreats

All sectoral indices finished in the green. The transportation sector logged the highest gain at 8.55 percent, followed by basic materials rising 6.62 percent, infrastructure at 5.60 percent, and financials advancing 5.07 percent. The LQ45 index rose 8.58 percent to 530, IDX30 jumped 8.92 percent to 297, and the Jakarta Islamic Index (JII) gained 6.82 percent to 307.

The IHSG's advance occurred while the majority of Asian bourses weakened due to rising oil prices and global economic uncertainty. Investors continue to monitor MSCI's public consultation regarding the proposed reclassification of Indonesia from an emerging market to a standalone market — an uncertainty that casts a major shadow over future domestic market movements.