Flooring Guide by Cinvex JAKARTA – Indonesia’s benchmark Jakarta Composite Index (IHSG) closed sharply lower on Friday, August 29, 2025. Data from the Indonesia Stock Exchange (IDX) indicates that the index concluded its first session at 7,769.65, marking a significant drop of -2.29%.
This substantial retreat in the market was largely driven by heightened investor caution, stemming from widespread protests and the tragic death of 20-year-old Affan Kurniawan, who was reportedly struck by a police pioneer vehicle.
During the first trading session of the day, market breadth reflected the widespread selling pressure, with 662 stocks weakening, 49 remaining unchanged, and only 89 managing to strengthen.
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Among the hardest-hit stocks, several plunged to their auto rejection bottom (ARB) limit, including TIRA, BSBK, CPRO, SOLA, WIRG, and MITI, signaling intense selling pressure and a rapid decline in their share prices.
The market’s downturn also impacted major blue-chip stocks with large market capitalizations. PT Bank Central Asia Tbk. (BBCA) saw its shares decline by 1.80% to Rp8,175, PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI) fell by 2.66% to Rp4,030, and PT Petrosea Tbk. (PTRO) experienced a notable drop of 7.42% to Rp3,620.
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Despite the pervasive market weakness, a select few stocks managed to defy the trend and surge significantly. These top performers included BMAS, which jumped 25%, DUTI with a 24.85% gain, PGUN rising 24.69%, KONI up 24.61%, TMPO increasing 20.69%, VOKS gaining 20.63%, and PIPA seeing an 18.42% increase.
IHSG. – TradingView
Analyzing the market’s technical indicators, Phintraco Sekuritas’ research team noted in their analysis that the IHSG’s movement during the first trading session exhibited an expanding negative slope on the MACD. This was coupled with the Stochastic RSI heading towards the oversold area, indicating strong bearish momentum.
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“Consequently, we anticipate the IHSG has the potential to continue its weakening trajectory towards the 7,750-7,725 level during the second trading session on Friday, August 29,” the research report stated, providing a cautious outlook for the afternoon session.
Echoing this sentiment, Harry Su, Managing Director of Research at Samuel Sekuritas Indonesia, emphasized that the IHSG’s decline cannot be detached from the current socio-political conditions prevailing in Indonesia. “This weakening is certainly triggered by an unsupportive socio-political climate,” Harry Su remarked, highlighting the broader context impacting investor confidence.
The current state of the stock market is increasingly hindering the IHSG’s momentum towards the psychological 8,000 level. This comes despite recent positive closures, where the IHSG had consistently strengthened, posting a 0.38% gain to 7,936 in one session and a further 0.20% increase to 7,952 the following day.
Summary
The Jakarta Composite Index (IHSG) closed sharply lower on Friday, August 29, 2025, dropping 2.29% to 7,769.65. This significant decline was driven by heightened investor caution following widespread protests and a tragic death. Market breadth showed extensive selling pressure, with 662 stocks weakening, impacting major blue-chip companies like BBCA and BBRI, while several others plunged to their auto rejection bottom.
Despite the pervasive market weakness, a few stocks, including BMAS and DUTI, managed to achieve substantial gains. Technical indicators suggested strong bearish momentum, with Phintraco Sekuritas anticipating further weakening for the IHSG towards the 7,750-7,725 level. Experts attributed the decline to an unsupportive socio-political climate, hindering the index’s momentum towards the psychological 8,000 mark.