IHSG Forecast: Anticipating a Climb as Investors Watch Rupiah

TEMPO.CO, Jakarta - The Indonesia Composite Index (IHSG) is expected to strengthen marginally within the support level range at 9,000 and resistance level at 9,125 early in the week on Monday, January 19, 2026. "With the MACD (Moving Average Convergence Divergence) indicator showing an upward trend, despite the RSI indicating how IHSG is overbought," said Oktavianus Audi, VP Equity Retail Kiwoom Sekuritas Indonesia, in a written statement on Sunday, January 18, 2026. According to Oktavianus, several sentiments will affect Monday's trading, especially rupiah's depreciation against the US dollar, which is feared to drive uncertainty among investors. Rupiah's exchange rate is currently approaching Rp16,882 per US dollar. The IDX Composite is also influenced by the upcoming Bank Indonesia's benchmark rate, which is expected to remain at 4.75 percent. This, Oktavianus said, will prove for a moderate sentiment among investors. Based on this analysis, Oktavianus recommends a number of curated stocks, including BBRI and CTRA. For BBRI, he predicts the stock will move at the support level of 3,700 and resistance at 4,040. While CTRA stock is estimated to be at the support level of 890 and resistance at 1,000. IHSG again recorded an all-time-high (ATH) by closing at the level of 9,057.40 on Thursday, January 15, 2026, up 1.55 percent compared to the previous week's closing at the level of 8,936.75. Oktavianus said that IHSG strengthened by 1.68 percent to the level of 9,075 in the last week and briefly touched the level of 9,100 at the closing of trading with a net inflow of Rp4 trillion. Oktavianus attributes this growth to several factors, one of which is the strengthened banking sector. He highlighted the 1 percent strengthening of the financial sector or IDXFIN throughout the first session on January 15, 2026. "We believe this is aligned with attractive valuations and dividend potential," he said. The second influence is the strengthening of the textile sector following a $6 billion funding injection plan focused on the procurement of capital goods, the application of new technology, and bolstered textile export capacity. Yesterday's IHSG growth was also influenced by the rise in energy and mineral prices, such as crude oil to the level of US$ 62 per barrel, coal to the level of US$ 110 per ton, and gold which set a new record at the level of US$ 4,630 per troy ounce. According to Oktavianus, this price hike will provide positive sentiment for related issuers. Nevertheless, Oktavianus stated that the market is also influenced by concerns about the continuing depreciation of the rupiah against the dollar, which will show instability domestically. Read: IHSG Opens Above 9,000 Amid Optimism Over Fed Interest Rate Outlook