Executive Summary

Key insights and market outlook

The Indonesian Composite Stock Price Index (IHSG) declined by 0.71% to 8,584.78 on December 23, 2025, amid investor caution and profit-taking activities ⁶

. The index is expected to remain sideways or potentially weaken on December 24, 2025, due to limited positive catalysts ahead of the Christmas holiday ²⁵. Foreign investors recorded net sales of Rp 348.62 billion, contributing to the index's decline ⁴.

Full Analysis

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Deep Dive Analysis

Indonesian Stock Market Experiences Decline Amid Investor Caution

Market Overview

The Indonesian Composite Stock Price Index (IHSG) experienced a decline of 0.71% to 8,584.78 on December 23, 2025 ⁶

. This movement was characterized by investor caution and significant profit-taking activities as the market approached the Christmas holiday. The index opened at 8,656.65 and fluctuated throughout the day, reaching a high of 8,667.73 and a low of 8,566.99 ⁴.

Sectoral Performance

The decline was widespread across various sectors, with only four sectoral indices managing to close in the green. The industrial sector recorded the largest gain, rising by 2.58%, followed by the cyclical consumer goods sector up 2.26%, and the technology sector gaining 0.43% ⁶

. Conversely, the property sector was among the largest decliners, contributing significantly to the overall index weakness ².

Market Sentiment and Trading Activity

The trading activity on December 23, 2025, was substantial, with a total transaction value of Rp 25.61 trillion and a volume of 41.87 billion shares ⁴

. Foreign investors were net sellers, recording net sales of Rp 348.62 billion, which added to the downward pressure on the index ⁴.

Outlook for December 24, 2025

Analysts predict that the IHSG will likely remain sideways or potentially weaken on December 24, 2025. The lack of significant positive catalysts and the prevailing cautious sentiment among investors ahead of the holiday are expected to keep market movements limited ²

⁵. Reza Diofanda from BRI Danareksa Sekuritas noted that the pressure on large-cap stocks and profit-taking activities were the primary factors behind the IHSG's decline, suggesting continued caution in the market ⁵.

References