Down 2.81%, IHSG Falls Below 6,000

The Jakarta Composite Index (IHSG) on the Indonesia Stock Exchange closed down 170.65 points (2.81%) at 5,909.2 on Thursday (26/4), its lowest level since October 31, 2017. This percentage decline is the sharpest since November 14, 2016. According to Bloomberg data, as of 9:07 WIB (Western Indonesian Time) on this weekend's trading, the IHSG rose 67.95 points (1.15%) to 5,977.15.

Investor concerns over faster-than-expected interest rate hikes by the U.S. Federal Reserve (The Fed) due to rising inflation in the United States triggered selling pressure in global stock markets, including the Jakarta Stock Exchange. Furthermore, the depreciating Indonesian Rupiah, nearing Rp 14,000 per US dollar, also contributed to the IHSG's 6.76% decline, pushing it below 6,000.

Based on the 14-day Relative Strength Index (RSI) technical indicator, the IHSG stands at 26.02 points on a scale of 0-100. An RSI below 30 indicates that stock prices on the Jakarta Stock Exchange are in oversold territory and have the potential to rebound. According to the Pivot Point indicator, the IHSG's lower bound is at 5,839.2. Failure to hold this level could lead to a further decline to 5,769.2. The upper bound is at 6,034; holding above this level could trigger a rebound to 6,159.09.