The Composite Stock Price Index (IHSG) opened sharply lower by 597 points or 6.66% to 8,382 on Wednesday, January 28, 2026, despite analysts' predictions of gains. The drop came amid strength in most Asian markets and anticipation of the US Federal Reserve's interest rate decision.
At the market open on Wednesday, January 28, 2026, the IHSG plunged by 597 points or 6.66% to 8,382, following a slight 0.5% gain to 8,980.23 the previous day. This drop contradicted analysts' forecasts of further strength. Fanny Suherman, Head of Retail Research at PT BNI Sekuritas, predicted the IHSG could strengthen if it holds support at 8,900-8,940, with resistance at 9,000-9,050. Meanwhile, Ivan Rosanova from Binaartha Sekuritas anticipated a limited rise to 9,100, with supports at 8,837 to 8,525.
Globally, most Asia-Pacific markets strengthened at the open. South Korea's Kospi hit an all-time high with a 1.27% gain, while Kosdaq rose 1.55%. Australia's S&P/ASX 200 added 0.12%, Hong Kong's Hang Seng climbed 1.35%, and Taiwan's Taiex gained 0.79%. However, Japan's Nikkei 225 fell 0.79%. The advances were fueled by expectations of strong US corporate earnings, though tempered by US President Donald Trump's announcement on Monday night of 25% tariffs on South Korean imports like automotive, wood, and pharmaceuticals.
On Wall Street, the S&P 500 rose 0.41% to 6,780.60, the Nasdaq Composite gained 0.91%, while the Dow Jones dropped 0.83% to 49,003.4 due to a nearly 20% plunge in UnitedHealth shares. Markets awaited the Federal Reserve's decision, expected to keep rates at 3.5-3.75%, along with earnings from tech giants like Apple and Microsoft, which rose more than 1% and 2%, respectively.
Ivan recommended five potential stocks: ADRO (hold, target 2,470), AMRT (buy on weakness 1,820-1,860, target 1,960), GOTO (buy 56-58, target 68), ISAT (trading buy 2,300-2,330, target 2,600), and UNVR (speculative buy 1,820-1,920, target 2,180).