Indonesian Stock Market Declines Ahead of Christmas Holiday

IHSG Falls Below 8,600 Level

The Indonesian Composite Index (IHSG) closed at 8,584.78 on Tuesday, December 23, 2025, representing a decline of 61.06 points or 0.71% ¹

. This movement was accompanied by significant foreign investor activity, with a net sell of Rp348.2 billion across all markets ¹

Source 1

https://pusatdata.kontan.co.id/news/ihsg-turun-071-di-bawah-8600-asing-net-sell-rp-3482-miliar

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Foreign Investor Activity

Foreign investors recorded a net sell of Rp852.91 billion in the regular market, while showing a net buy of Rp504.30 billion in the negotiation and cash markets combined ¹

. The stocks with the largest foreign net buy were PT Impack Pratama Industri Tbk (IMPC) at Rp772.5 billion, PT Multipolar Teknologi Tbk (MLPT) at Rp294 billion, and PT Abadi Lestari Indonesia Tbk (RLCO) at Rp148.7 billion ¹

Source 1

https://pusatdata.kontan.co.id/news/ihsg-turun-071-di-bawah-8600-asing-net-sell-rp-3482-miliar

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Market Sentiment and Outlook

The decline in IHSG was attributed to the rupiah's depreciation to Rp16,789 per USD, sparking concerns about domestic economic stability ²

. Analysts from Kiwoom Sekuritas Indonesia noted that investor caution ahead of the Christmas holiday also contributed to the market's weakness ²

Source 2

https://investasi.kontan.co.id/news/jelang-libur-natal-ihsg-diperkirakan-melemah-pada-rabu-2412

. The combination of these factors is expected to keep the IHSG under pressure in the short term.