The Composite Stock Price Index (IHSG) opened slightly higher on Monday (February 9, 2026) amid pressure from Moody’s downgrade of Indonesia’s credit outlook to negative. Despite solid domestic economic fundamentals, market players are watching for further consolidation risks. Global sentiment is also influencing stock market movements.
The Composite Stock Price Index (IHSG) of the Indonesia Stock Exchange (BEI) opened up 19.04 points or 0.24 percent at 7,954.30 on Monday (February 9, 2026). The blue-chip LQ45 index also rose 2.60 points or 0.32 percent to 818.18. However, the IHSG is projected to move volatile as market players monitor assessments from global rating agencies on Indonesia's financial markets, including MSCI issues and downgrades by Goldman Sachs, UBS, and Nomura. Moody’s lowered Indonesia’s sovereign credit outlook from stable to negative while maintaining the Baa2 rating. This negative outlook also affects companies such as BMRI, BBRI, BBNI, BBCA, BBTN, TLKM, ICBP, and UNTR, including entities like Telkomsel, Pertamina, and MIND ID, with risks of rating downgrades rising if policy credibility, fiscal consistency, and government communication do not improve. Kiwoom Sekuritas analyst Liza Camelia Suryanata stated, “IHSG in the near term is attempting to rise back above the psychological level of 8,000 and close the gap at 8.102 as the first resistance. However, Kiwoom Research also warns of ongoing consolidation risks toward 7,710–7,480 if the 7.860 support breaks again.” In response, BEI issued new IPO free float rules requiring a minimum of 15–25 percent public shares based on market capitalization, while the Financial Services Authority (OJK) retains the old 7.5 percent minimum for Q1 2026 IPOs. Bank Indonesia (BI) reaffirmed its commitment to rupiah and inflation stability through a pro-growth stance, with stress test results showing a capital adequacy ratio (CAR) of 26 percent and liquidity ratio of 28 percent. Economic fundamentals remain strong, with Q4 2025 GDP growth at 5.39 percent (annual 5.11 percent), budget deficit at 2.92 percent, and debt-to-GDP ratio at 40 percent. Danantara launched the first phase of six strategic downstreaming projects worth 7 billion US dollars, projected to create 3,000 jobs. In global markets, Wall Street strengthened on Friday (February 6, 2026) with the Dow Jones up 2.47 percent to 50,115.67, while Asian exchanges were positive this morning, such as Nikkei up 4.57 percent. Focus next week is on the delayed US January 2026 nonfarm payrolls release. The rupiah traded around Rp16,868 per US dollar, though foreign reserves fell to 154.6 billion US dollars in January.
