Jakarta, CNBC Indonesia — The Composite Stock Price Index (IHSG) is projected to move in the range of 7,500 to 10,000 in 2026. A number of stocks from the consumption sector, commodities and big caps are considered to have the potential to encourage strengthening of the index.
Capital Market Practitioner & Co-Founder of PasarDana Hans Kwee expressed confidence that the JCI is able to penetrate the 10,000 level, and even has the opportunity to exceed that level. This optimism is supported by the performance prospects of a number of leading issuers in various sectors.
“We are quite sure of the target, IHSG up to 10,000, I mentioned earlier for the issuers, which are close, yes, regarding consumption we are still looking at things like CMRY, MYOR, MAPI, ICBP, AMRT which are quite interesting,” said Hans Kwee at the capital market journalists’ education, Friday, (23/1/2026).
In the metal and mining sector, Hans said that ANTM, BRMS, MDKA and MBMA still have positive prospects. Apart from that, the potential for the revival of the coal sector can also be seen in the shares of ITMG, AADI and PTBA, as well as other mining issuers such as ADMR and ADRO.
Hans also highlighted the large capitalization stock sector which is considered to remain attractive to support the JCI. Stocks such as BCA, Astra and Telkom are said to have the potential to make a significant contribution to index movements.
Furthermore, he assessed that the character of the Indonesian stock market is now starting to change and is no longer very dependent on foreign fund flows. Even though foreign investors had intensively carried out selling actions, the JCI was considered to still be able to survive and move more independently.
Regarding the property sector, Hans assesses that its movement tends to remain restrained and only has the potential to become enthusiastic in 2027. However, this sector could be an option for investors with a long-term investment horizon.
For information, the Composite Stock Price Index (IHSG) trimmed its correction at the end of trading today, Friday (23/1/2026). The index closed down 0.46% or 41.17 points to 8,951.01.
Throughout today the index experienced great pressure. JCI moved in the range 8,837.83-9,039.67. In session 1, JCI fell more than 1%.
A total of 521 shares fell, 200 rose, and 237 did not move. The transaction value reached IDR 31.87 trillion, involving 61 billion shares in 3.23 million transactions. Market capitalization is at the level of IDR 16,244 trillion.
Quoting Refinitiv, the technology sector was the main support today with an increase of 1.38%. On the other hand, the majority of sectors are in the red zone. Raw materials slumped 2.19%, utilities -1.95%, industry -1.72%, non-primary consumers -1.37%, and primary consumers -0.84%.
Meanwhile, Mora Telematics Indonesia (MORA) is a stock that helps JCI cut corrections. Towards the end of session 2, MORA rose 8.1% to 14,675, thus contributing 9.08 index points.
Then Bank Rakyat Indonesia (BBRI), which rose 1.05% to level 3,850, contributed 6.29 index points to the JCI.
Apart from that, BUMI, which experienced a correction in the previous two days, today closed trading with an increase of 3.45% to level 360. BUMI also supported the JCI with a weight of 3.12 index points.
Meanwhile, almost all Prajogo Pangestu issuers are included in the list of 10 stocks with the main weight in the index. In the top list, the issuer Salim and Agus Projosasmito, Amman Mineral International (AMMN) has the largest weight, namely -14.41 index points. AMMN fell 6.19% to 7,200.
However, in total, Prajogo Pangestu issuers, such as Petrosea (PTRO), Barito Pacific (BRPT), Barito Renewables Energy (BREN), Chandra Asri Pacific (TPIA), and Petrindo Jaya Kreasi (CUAN) weighed on the IHSG by -33.39 index points.
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[Gambas:Video CNBC]
