JAKARTA — The Jakarta Composite Index (IHSG) is anticipated to face significant pressure today, Wednesday (March 25, 2026), as the market reopens following the extended Eid al-Fitr holiday. This comes amidst a climate of heightened geopolitical uncertainty and prevalent risk-off sentiment.
Before the Lebaran holiday break, the IHSG concluded its last trading session on March 17, 2026, with a gain of 1.2%, closing at 7,016. However, despite this pre-holiday uplift, the composite index has seen a considerable year-to-date (YtD) decline of 17.81%, highlighting underlying market vulnerabilities.
Analysts at BRI Danareksa Sekuritas project that the IHSG will likely continue to trade under pressure. They have set critical support levels between 6,950 and 7,000, while resistance levels are anticipated in the 7,135–7,200 range. Investors will be closely watching these technical benchmarks to gauge the index’s immediate direction.
The post-holiday trading period, which follows the March 18-24, 2026 break, is expected to remain challenging for the IHSG due to lingering geopolitical instability. Despite earlier discussions of a ceasefire and a reported five-day postponement of a US attack on an Iranian energy hub, these claims have since been refuted by Iran, contributing to market jitters and a dominant risk-off environment.
“The risk-off sentiment remains pervasive, evident in the increased volatility of key commodity prices such as gold, oil, and natural gas, alongside the weakening performance of regional stock exchanges, particularly across Asia,” BRI Danareksa Sekuritas noted in their research published today, Wednesday (March 25, 2026).
In light of these market conditions, Reza Diofanda, a Technical Analyst at BRI Danareksa Sekuritas, has issued a “buy” recommendation for three specific stocks today: PT Indo Tambangraya Megah Tbk. (ITMG), PT Perusahaan Gas Negara Tbk. (PGAS), and PT Fore Kopi Indonesia Tbk. (FORE). These recommendations are based on detailed technical analysis and current market dynamics.
ITMG is currently assessed to be in a strong uptrend, undergoing consolidation at higher levels after a notable rally. The recommended buying range for ITMG shares is between Rp27,000 and Rp28,000. As long as the stock maintains its position above the support area of Rp25,900–Rp26,800, its bullish trend is expected to persist. A breakthrough past Rp28,325 could propel ITMG further towards Rp29,750. Notably, ITMG has been a favorite among foreign investors over the past month, with net purchases totaling Rp794.49 billion.
Meanwhile, PGAS shares are identified as being in a rebound phase following a sharp decline, having successfully held strong support between Rp1,885 and Rp1,935. The current price is approaching the resistance level of Rp2,050. A successful breakout above this point could see PGAS advance towards Rp2,150. Investors are advised to consider buying PGAS within the Rp1,950–Rp1,980 range.
Regarding FORE shares, Reza elaborated that the stock has technically achieved a breakout from its sideways accumulation area, supported by a surge in volume, signaling the commencement of upward momentum. Currently, the price is undergoing a healthy pullback after the breakout. As long as it remains above the Rp498 support level, the trend is considered bullish. Potential buy opportunities for FORE shares today are estimated to be in the Rp500–Rp505 range.
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