Indonesian Stock Market Surges as MSCI Finalization Looms

Jakarta, CNBC Indonesia — The Composite Stock Price Index (IHSG) experienced a strong opening on Monday, February 23, 2026, driven by positive market sentiment and anticipation surrounding potential MSCI reclassification.

Market Performance

The JCI opened with a jump of 1.15% or 94.79 points, reaching 8,366.56. By 09:20 WIB, the increase moderated to approximately 0.9%. Trading activity was robust, with 381 shares rising, 219 falling, and 358 remaining unchanged. The total transaction value reached IDR 3.59 trillion, involving 7.3 billion shares across 514,700 transactions. Market capitalization surpassed IDR 15,000 trillion.

Sector Performance and Leading Stocks

All sectors traded in positive territory during the morning session, with banking stocks leading the gains. Bank Mega (MEGA) saw a significant increase of 25%, hitting its auto-reject limit at 4,130. MEGA contributed 6.32 index points to the overall increase. Bank Rakyat Indonesia (BBRI) rose by 4.72 index points, and Bank Central Asia (BBCA) added 7.11 index points.

Technical Analysis

Technically, the JCI is currently facing resistance at the daily MA20 level. If it fails to break above 8,400, a consolidation move is anticipated, with support expected around the 7,800 level. However, a successful breach of the 8,400 resistance could propel the JCI towards the next resistance level at 8,700.

Key Drivers of Market Growth

Several factors are contributing to the positive market momentum.

US Tariff Policy

A recent ruling by the US Supreme Court invalidating previous tariff policies has eased concerns about trade tensions. While the possibility of latest tariffs remains, the decision provides a degree of certainty and has reduced pressure on global markets.

Indonesian Stock Exchange Reform

Progress in reforms at the Indonesian Stock Exchange (BEI) is also bolstering investor confidence. Jeffrey Hendrik, Acting Main Director of the BEI, stated the exchange is prepared to meet all recommendations from global index providers, including MSCI, as part of ongoing efforts to improve the Indonesian capital market. “We are ready to ensure that we can meet all expectations from the global index provider. In accordance with (MSCI’s request), we will deliver what is in our proposal according to schedule,” he said on February 20, 2026. CNBC Indonesia

(mkh/mkh)