January 12, 2026 | 05:30 pm
TEMPO.CO, Jakarta - HSBC Global Research projects that the Indonesia Composite Index (IHSG) could strengthen to 9,700 this year. Equity Strategy Asia Pacific HSBC Global Research's Head, Herald van der Linde, stated that the exposure to stock portfolios in Indonesia is still relatively low. On the other hand, the Indonesian stock market offers low valuations.
"Indonesia offers recovery in growth and income cycles, as well as low valuations, at a time when people are seeking exposure in emerging markets," said Herald during a virtual media briefing on Monday, January 12, 2026.
In the last week's trading, IHSG closed at 8,936.7. Meanwhile, this morning, IHSG opened at 8,991.76.
On the other hand, Chief Indonesia and India Economist at HSBC Global Research, Pranjul Bhandari, believes that the foreign capital inflow into Indonesia is not yet strong enough. This weak influx occurs in both the stock market, bond market, and foreign direct investment.
According to Pranjul, The rupiah exchange rate could fall further this year. The rupiah exchange rate at the close of today's trading weakened to Rp16,855 per U.S. dollar. "By the end of this year, the rupiah exchange rate could reach Rp17,000 per U.S. dollar," she said.
In the 2026 State Budget macro assumptions, the government targets the rupiah's value at Rp16,500 per U.S. dollar. Meanwhile, Finance Minister Purbaya Yudhi Sadewa is optimistic that IHSG could reach 10,000 this year.
Purbaya believes that the rise will be accelerated by the government's increasingly synchronous policies and better economic prospects. "Next year (IHSG) 10,000? Oh, more. By the end of next year, it will be more than 10,000," he said to the media at the Ministry of Finance office, Jakarta, December 31, 2025.
Ilona Estherina contributed to this article
Read: IHSG Needs Solid Economic Fundamentals to Break 10,000
Click here to get the latest news updates from Tempo on Google News
IHSG Needs Solid Economic Fundamentals to Break 10,000
1 hari lalu
OJK highlights the factors affecting the movement of IHSG and expresses optimism about reaching the 10,000 level.
Indonesia Sees Rp1.44 Trillion Foreign Capital Inflows in Early January
2 hari lalu
Bank Indonesia reports Rp1.44 trillion in foreign capital inflows into domestic markets during January 5-8, 2026.
IHSG Gains 2.16% This Week After Record-High at 9,000
2 hari lalu
IHSG briefly reached the psychological level of 9,000 intraday on Thursday, January 8, 2026.
CSIS Warns of Bubble Risk as IHSG Approaches 10,000
3 hari lalu
A CSIS senior researcher argued the IHSG rally resembles a bubble rather than a reflection of national economic strength.
IHSG Edges Up 11.19 Points to Close at 8,944.80
4 hari lalu
The IHSG ended higher at 8,944.80 on Jan 7, 2026, driven by expectations of a U.S. Fed rate cut.
Indonesia's IHSG Closes at All-Time High as Precious Metal Prices Strengthen
5 hari lalu
The IHSG rose 74.41 points, or 0.84 percent, to close at 8,933.61 points.
IHSG Hits Record High Amid Stable Domestic Economic Data
6 hari lalu
IHSG climbed by 111.06 points, or 1.27 percent, to finish at 8,859.19.
Indonesia's Stock Market Opens Higher Amid U.S.-Venezuela Tensions
7 hari lalu
Indonesia's Composite Stock Price Index (IHSG) rose 30.60 points, or 0.35 percent, to 8,778.73 amid U.S. military action in Venezuela.
IDX Trading Schedule for Christmas and New Year Holidays
18 hari lalu
The stock trading will be closed on December 25, 26, and 31, 2025, as well as January 1, 2026.
Indonesian Capital Market Records 476,000 Investor Surge in November
31 hari lalu
The number of investors in the capital market by November 2025 was recorded at 19.67 million.
