JAKARTA, KOMPAS.com - The Indonesia Stock Exchange Composite Index (IHSG) closed slightly lower in Tuesday's trading (23/6/2026). The index edged down 0.25 percent to 6,101.33, reflecting the wait-and-see stance of market participants ahead of the MSCI Annual Market Classification Review announcement on June 24, 2026.
Technical Analyst at BRI Danareksa Sekuritas, Reza Diofanda, assessed that the IHSG weakness occurred amid investor caution as they await clarity on Indonesia's market status in the MSCI review.
"The IHSG movement still reflects investors' wait-and-see attitude ahead of the MSCI announcement," said Reza as quoted from Kontan, Tuesday evening (23/6/2026).
On the other hand, global sentiment is relatively favorable as geopolitical tensions in the Middle East ease, pushing world oil prices down.
Domestically, the market also received support from the government's economic stimulus and plans to diversify financing through the issuance of Panda Bonds.
Technically, the IHSG is still in a consolidation phase after rebounding from the lowest area at 5,340.
The index movement is still held at the psychological resistance area of 6,300, thus not confirming a breakout.
IHSG support levels are in the range of 6,070 to 5,930, while resistance levels are in the range of 6,300 to 6,350.
Reza added that the results of the MSCI review will be a major catalyst for market movements.
If Indonesia can maintain its Emerging Market status accompanied by improvements in market accessibility or the lifting of the freezing status, this condition could potentially drive foreign fund inflows into the domestic stock market.
Conversely, if the MSCI review results are below market expectations, IHSG volatility could increase in the short term.
In terms of stock recommendations, Reza recommends PT Maharaksa Biru Energi Tbk (OASA) shares in the price range of Rp 268-Rp 278 per share with a target of Rp 292-Rp 308 per share, and a stop loss below Rp 260 per share.
PT Rukun Raharja Tbk (RAJA) shares are recommended in the range of Rp 3,950 to Rp 4,150 per share with a target of Rp 4,260-Rp 4,570 per share, and a stop loss below Rp 3,900 per share.
PT Merdeka Battery Materials Tbk (MBMA) shares can be monitored in the range of Rp 500-Rp 530 per share with a target of Rp 545-Rp 585 per share and a stop loss below Rp 480 per share.
Meanwhile, Head of Retail Research at MNC Sekuritas, Herditya Wicaksana, added that the IHSG weakness was also influenced by the pressure on the rupiah exchange rate against the US dollar.
