The Jakarta Composite Index (JCI) closed lower by 46.87 points, or 0.55 percent, settling at 8,537 on Wednesday (December 24). Total trading value reached Rp22.29 trillion, with 34.18 billion shares changing hands.

Over the past week, the index declined on two trading days and recorded gains on only one session, resulting in a weekly drop of 1.61 percent.

IDX Corporate Secretary Kautsar Primadi Nurahmad stated that trading activity between December 22 and 24, 2025 ended in negative territory.

Market capitalization also fell by 1.17 percent, declining from Rp15,788 trillion to Rp15,603 trillion. Meanwhile, average daily trading volume decreased by 18.44 percent, from 47 billion shares to 38.34 billion shares.

Average daily transaction value dropped sharply by 30.91 percent, from Rp34.30 trillion to Rp23.70 trillion. In addition, the average daily transaction frequency slipped by 2.23 percent to 2.74 million trades from 2.80 million previously.

Kautsar noted that foreign investors recorded a net buy of Rp2.45 trillion on that day. However, on a year-to-date basis, foreign investors still posted a net sell of Rp18.36 trillion throughout 2025.

Looking ahead, Kiwoom Sekuritas Indonesia VP Equity Retail Oktavianus Audi observed that last week’s market weakness was accompanied by a capital outflow of Rp69 billion.

He explained that market pressure was driven by the depreciation of the rupiah toward Rp16,755 per US dollar, as well as a wait-and-see stance among investors ahead of the year-end trading holiday.

At the same time, investor interest has shifted toward safe-haven assets. Gold prices continued to climb, reaching a new all-time high of US$4,500 per troy ounce, signaling heightened concerns over risk assets.

For Monday’s trading session (December 29), Oktavianus expects the JCI to remain under pressure, with support at 8,455 and resistance at 8,620. Market sentiment is likely to be influenced by rupiah movements, rising prices of safe-haven assets such as gold, silver, and platinum, and anticipation of the FOMC minutes release.

Based on technical analysis, he recommends PT Cisarua Mountain Dairy Tbk (CMRY), which closed up 5.58 percent at 5,675 last week and is projected to reach 6,300. He also highlighted PT Sumber Alfaria Trijaya Tbk (AMRT), which ended at 1,960 and is expected to move toward 2,080.

Meanwhile, Republic Investor founder Hendra Wardana expects the JCI to trade in a mixed but consolidative pattern between December 29 and 31, 2025. He noted that year-end holidays typically reduce trading activity, limiting the formation of strong trends.

Hendra sees room for limited upside, primarily in the form of a technical rebound rather than the start of a new bullish trend. With a lack of strong catalysts, investors are likely to adopt cautious strategies, selling into strength and selectively buying on weakness.

Technically, the JCI remains in a healthy consolidation phase, with key support at 8,414–8,500 and near-term resistance at 8,600–8,650. As long as support holds, downside risks are expected to remain manageable.

From a trading perspective, lower transaction values and volumes could lead to higher intraday volatility. As such, aggressive strategies are not recommended, while a defensive and selective approach is considered more appropriate heading into early 2026.

Hendra recommends PT Bank Mandiri (Persero) Tbk (BMRI), which closed at 5,050 with a target of 5,200, PT Aneka Tambang Tbk (ANTM), which ended at 3,220 with a target of 3,400, and PT Buana Lintas Lautan Tbk (BULL), which closed at 380 and is projected to rise to 430.