Indonesia's IHSG Projected to Rise to 8,390 Next Week

15 hours ago 2

February 22, 2026 | 02:24 pm

Illustration of stocks or the IHSG. TEMPO/Tony Hartawan

TEMPO.CO, Jakarta - Indonesia’s benchmark stock index is projected to move in a mixed but slightly firmer range at the start of next week’s trading on Monday, February 23, 2026, according to a market analyst.

Oktavianus Audi, Vice President of Equity Retail at Kiwoom Sekuritas Indonesia, said the Composite Stock Price Index (IHSG) is expected to trade between a support level of 8,208 and a resistance level of 8,390. The Moving Average Convergence Divergence (MACD) indicator, he added, signals strengthening momentum.

In a written statement on Sunday, February 22, 2026, Oktavianus outlined three main factors likely to influence the IHSG next week.

The first is progress toward finalizing an agreement between Indonesian regulators and Morgan Stanley Capital International (MSCI). If the outcome meets market expectations, potential MSCI rebalancing and the lifting of the interim freeze could provide positive sentiment for investors.

The second factor is the possible cancellation of tariffs imposed by former U.S. President Donald Trump following a review by the Supreme Court of the United States. Oktavianus believes a favorable ruling could send a more supportive signal for the global economy.

In addition, he expects gains in the IHSG to be supported by rising commodity prices, particularly gold and silver. Higher gold prices, he said, would likely boost sentiment toward related listed companies.

Based on his technical analysis, Oktavianus recommends two stocks: AMMN and EXCL. AMMN is projected to trade with support at 7,550 and resistance at 8,525. Meanwhile, EXCL is expected to move between support at 2,930 and resistance at 3,470.

Data from the Indonesia Stock Exchange (IDX) show that the IHSG rose 0.72 percent this week, closing at 8,271.76 on Friday, February 20, 2026. The previous week, the index ended at 8,212.27.

“Stock trading data on the IDX during the February 16–20, 2026 period closed in positive territory,” IDX Corporate Secretary Kautsar Primadi Nurahmad said in a statement on Friday.

He noted that market capitalization increased by 0.35 percent to Rp14,941 trillion from Rp14,889 trillion a week earlier.

Foreign investors recorded net purchases of Rp240.57 billion on Friday, February 20, 2026. However, on a year-to-date basis, foreign investors still posted net sales of Rp14.42 trillion.

The largest increase was seen in the average daily transaction frequency, which climbed 11.99 percent to 3.06 million trades from 2.73 million trades the previous week.

The IDX’s average daily trading volume also rose by 3.87 percent to 47 billion shares, up from 45.24 billion shares a week earlier.

Meanwhile, the average daily transaction value increased by 3.02 percent to Rp23.89 trillion, compared with Rp23.19 trillion in the prior week.

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