Executive Summary

Key insights and market outlook

The Indonesian Composite Index (IHSG) closed 0.65% lower at 8,361.93 on November 18, 2025, amid global market volatility and rupiah depreciation ²

. Despite the decline, technical analysts see the index remaining in an uptrend phase supported by positive moving averages crossover ⁴. Foreign investors recorded a net buy of Rp 281.3 billion, with significant purchases in BBRI and BBNI ³.

Full Analysis

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Deep Dive Analysis

Indonesian Composite Index Shows Mixed Signals Amid Global Uncertainty

Market Performance on November 18, 2025

The Indonesian Composite Index (IHSG) closed 0.65% lower at 8,361.93 on November 18, 2025, reflecting the challenges posed by global market volatility and rupiah depreciation against the US dollar ²

. Despite this decline, the index showed resilience by maintaining its position above key support levels.

Technical Analysis and Market Trends

Technical analysts from Mirae Asset Sekuritas Indonesia observed that the IHSG remains in an uptrend phase, supported by the positive crossover between the 20-day and 60-day moving averages ⁴

. The Relative Strength Index (RSI) also indicated positive signals, suggesting potential for further gains. However, Herditya Wicaksana from MNC Sekuritas noted that the index is likely to consolidate further before making significant moves, with a base case target of 8,350 and a best-case scenario of 8,900 by year-end ¹.

Foreign Investor Activity

Foreign investors recorded a net buy of Rp 281.3 billion across all markets on November 18, 2025 ³

. The net buy activity was particularly notable in the negotiation market, reaching Rp 601.4 billion, while the regular market saw a net sell of Rp 320.1 billion. Major stocks with significant foreign buying included PT Impack Pratama Industri Tbk (IMPC) with Rp 544.8 billion, PT Bank Rakyat Indonesia Tbk (BBRI) with Rp 256.6 billion, and PT Bank Negara Indonesia Tbk (BBNI) with Rp 117.5 billion.

Currency Market Dynamics

The rupiah experienced depreciation against the US dollar, closing 0.09% lower at Rp 16,751 per USD according to Bloomberg data ⁵

. Analysts from Doo Financial Futures attributed this weakness to global risk-off sentiment and anticipation of Bank Indonesia's monetary policy decision. The upcoming Rapat Dewan Gubernur (RDG) meeting on November 19, 2025, is expected to be a key catalyst for currency movements, with consensus expectations pointing to a policy rate hold at 4.75% ⁵.

Sectoral Performance and Market Sentiment

The energy sector led the decline, while property stocks were the sole sector recording gains ²

. Stocks related to gold continued to correct due to falling global gold prices and anticipation of export duty implementation in 2026. Market participants are adopting a cautious stance ahead of the BI policy meeting, weighing potential impacts on market liquidity and investor sentiment.

References