JAKARTA – The Jakarta Composite Index (IHSG) faced a steep decline on Thursday, March 26, 2026, as significant profit-taking activities by investors erased gains made just the previous day. This downturn underscored a prevailing cautious sentiment across the market.
The research team at Sinarmas Sekuritas pointed to ongoing geopolitical tensions between the United States and Iran as a key factor influencing global market participants. Despite the U.S. signaling peace negotiations and presenting a 15-point proposal, Iran’s apparent reluctance for direct talks has fueled market uncertainty, casting a shadow over investor confidence worldwide.
At the close of trading, the IHSG had corrected by 1.89%, settling at the 7,164 level. This notable retreat was predominantly triggered by substantial depreciation in several large-cap stocks. Key blue-chip constituents like PT Astra International Tbk. (ASII), PT Telkom Indonesia (Persero) Tbk. (TLKM), and PT Bank Mandiri (Persero) Tbk. (BMRI) all experienced declines, collectively pulling the benchmark index into negative territory.
Paradoxically, despite the index’s fall, transaction activity on the Indonesian stock exchange witnessed a significant surge. The total transaction value reached an impressive Rp32.35 trillion, marking a sharp increase from Rp25.92 trillion recorded a day earlier. With 292 stocks gaining, 380 weakening, and 148 remaining stagnant, the data clearly indicated that selling pressure dominated the market throughout the session.
Mirroring the main index’s trajectory, other prominent indices also trended downwards. The LQ45 index dropped by 2.0% to 732, closely followed by IDX30 (-2.1%), IDX80 (-2.1%), and IDXHIDIV20 (-2.3%). Interestingly, EIDO, an Indonesian ETF traded on global markets, bucked the trend by strengthening an impressive 4.7% to 15.99, hinting at a nuanced international perspective on Indonesian assets.
The IHSG’s weakening performance was not an isolated domestic event but was exacerbated by external pressures. Regional Asian stock markets collectively closed in the red, with the Hang Seng Index plummeting by 1.89%, Shanghai dipping 1.09%, and the Nikkei registering a 0.27% decline, reflecting a pervasive bearish sentiment across the continent.
Commodities Display Mixed Trends
The global commodities market presented a varied picture for energy prices. Crude oil prices climbed by 3.5%, reaching US$94 per barrel, while coal experienced a 2.5% drop to US$133 per ton. Natural gas, however, managed a slight gain of 0.6%.
In the metals sector, gold prices decreased by 1.9% to US$4,422 per ounce, and silver also weakened by 3.1%. In contrast, industrial metals showed resilience, with copper advancing 2.0%, nickel surging 2.3%, and tin gaining 1.3%.
Agricultural commodities generally observed modest increases. Crude Palm Oil (CPO) rose by 1.4%, soybeans edged up 0.1%, and rubber strengthened by 0.5%. Wheat prices remained stagnant, while corn registered a slight increase of 0.2%.
Given the dual impact of intense profit-taking and persistent global uncertainties, the IHSG is expected to continue experiencing volatility in the near term. Investors are strongly advised to remain vigilant, closely monitoring geopolitical developments and the fluctuating landscape of global commodities, as these factors are set to serve as primary market catalysts.
A “wait-and-see” approach is anticipated to dominate investor strategies, as market participants await greater clarity on international negotiations and a more stable global sentiment to emerge.
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