IHSG Takes a Sudden Dive: Which Stocks Defied the Trend with 20% Gains?
Intan
from Orbitcore Editorial
The Indonesian stock market took investors on a rollercoaster ride today. In a surprising turn of events during the first hour of trading on Tuesday, February 24, 2026, the Indonesia Composite Index (IHSG) experienced a sudden and sharp decline. After showing some volatility, the index plummeted by 27.96 points, or approximately 0.33%, landing at the 8,368.12 level. This move caught many by surprise, especially considering the index had reached a daily high of 8,437 before retreating toward its low of 8,358.
A Tale of Two Markets: Gainers vs. Losers
Despite the downward pressure on the main index, the market sentiment wasn't entirely gloomy. In a classic display of market divergence, several stocks managed to completely ignore the broader sell-off. In fact, a handful of tickers recorded massive gains of over 20%, securing their spots on the top gainers list. Most impressively, three specific stocks surged so rapidly that they hit the Upper Auto Rejection (ARA) limit, a clear sign of intense buying pressure in specific pockets of the market.
When we look at the broader market breadth, the picture becomes clearer. Out of all the stocks traded, 418 saw their prices decline, while 209 stocks managed to post gains. Meanwhile, 183 stocks remained stagnant. This distribution shows that while the bears were largely in control, there was still enough liquidity and interest to fuel significant rallies in select equities.
Deep Dive into the Trading Volume
Activity on the Indonesia Stock Exchange (IDX) remained high during this volatile session. Within just the first hour of trading, the market saw a massive turnover of 16.54 billion shares. The total transaction value reached a staggering Rp 7.22 trillion, driven by over 1.08 million individual transactions. This level of frequency suggests that both retail and institutional investors were actively repositioning their portfolios in response to the index's sudden movement.
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Interestingly, the blue-chip stocks—the heavyweights that make up the LQ45 index—showed remarkable resilience. While the overall IHSG was down, the LQ45 index actually managed to post a thin gain of 0.08%. This suggests that the sell-off was likely concentrated in mid-to-small cap stocks, while investors sought safety in more established, large-cap companies.
The Regional Context: A Mixed Bag in Asia
The volatility seen in Jakarta wasn't happening in a vacuum. Looking across the Asian region, market performance was highly fragmented. In Hong Kong, the Hang Seng took a significant hit, falling 1.69%, while Singapore’s Straits Times index slipped by 0.68%.
On the flip side, some neighboring markets found reasons for optimism. China’s Shanghai Composite gained 1.06%, and Japan’s Nikkei 225 climbed 0.76%. This mixed performance across Asia highlights the complex macroeconomic factors currently at play, ranging from regional policy shifts to global trade sentiment, all of which continue to influence the IHSG's daily trajectory.