Indonesian Stock Market Faces Challenges Reaching 9,000 Level

Technical Pressure Mounts as Year-End Approaches

The Indonesian Composite Index (IHSG) is facing significant resistance at the 9,000 level with only four trading days remaining in the year. Market analysts are now shifting their focus to maintaining crucial support levels rather than pursuing an aggressive rally. The combination of technical pressure and decreasing liquidity has made it increasingly difficult for the index to achieve a significant breakthrough.

Expert Analysis on Market Movement

Hendra Wardana, Founder of Republik Investor, noted that mathematically, the IHSG would need a more than 4% rally in a very short period to reach 9,000. He emphasized that this scenario is highly unlikely given the current market conditions. As of December 23 trading, the IHSG closed lower at 8,584, operating within a lower technical channel.

Key Support Levels Under Watch

The market is now closely monitoring the 8,560 support level. If this level fails to hold, there's a risk that the IHSG could continue its correction towards the 50-day moving average at 8,435. This level will be crucial in determining whether the correction remains healthy or deepens further. The market's ability to maintain these support levels will be critical in shaping investor sentiment in the final trading days of the year.