The Composite Stock Price Index (IHSG) continued to exhibit volatile movements during trading on Tuesday (June 9, 2026), despite opening with a gain of more than 1% at the start of the session.

After reaching the 5,428 level, the index experienced sharp fluctuations before settling at 5,391.47, representing a 0.92% increase as of approximately 9:19 a.m. WIB.

The significant volatility seen in the morning session indicates that the domestic market is still in the process of finding equilibrium following the heavy selling pressure that affected the market over the past several trading sessions.

From both a technical and psychological perspective, the strong rebound at the opening appears to reflect bargain-hunting activity rather than a broad-based shift in overall market sentiment.

The early rally in the IHSG was primarily driven by large-cap stocks that contributed the most to the index’s performance. PT Telkom Indonesia Tbk (TLKM) emerged as the biggest contributor, adding approximately 24 points to the index, followed by PT Sumber Alfaria Trijaya Tbk (AMRT), PT Mora Telematika Indonesia Tbk (MORA), PT Dian Swastatika Sentosa Tbk (DSSA), and PT Aneka Tambang Tbk (ANTM).

Interestingly, this morning’s rebound occurred even as several major banking stocks continued to weigh on the index. PT Bank Rakyat Indonesia Tbk (BBRI) was recorded as the largest drag on the IHSG, contributing a negative impact of around 4.7 points, followed by PT Bayan Resources Tbk (BYAN), PT Bank Mandiri Tbk (BMRI), and PT United Tractors Tbk (UNTR).

This development suggests that investors are beginning to view the valuations of several non-banking large-cap stocks as attractive following their recent corrections. In addition, gains in telecommunications, retail, and commodity-related stocks have helped support overall market sentiment.

For reference, TLKM shares strengthened after the company announced a dividend distribution offering an attractive yield. TLKM plans to distribute cash dividends from its 2025 fiscal-year net profit amounting to 123% of net earnings, equivalent to Rp21.9 trillion. Approximately Rp4.2 trillion of the dividend payment will be sourced from the company’s retained earnings from previous years.

The decision was approved by shareholders during the Annual General Meeting of Shareholders (AGMS) held today. The cash dividend to be distributed amounts to Rp221 per share.

Based on the previous day’s closing price, TLKM’s dividend provides an estimated yield of approximately 9%.

Meanwhile, external conditions appear relatively more supportive compared to the period when the market experienced a major sell-off. Although the rupiah remains around Rp18,160 per U.S. dollar, the pace of its depreciation has begun to moderate. This has somewhat eased investor concerns regarding the possibility of further pressure on Indonesia’s financial markets.

Nevertheless, market volatility is expected to remain elevated throughout the trading session. This is reflected in the index’s movement, which surged more than 1.5% at the opening before quickly correcting and then recovering again.

In terms of market breadth, conditions remained relatively positive during the morning session. A total of 335 stocks advanced, 262 stocks declined, and 362 stocks traded unchanged. This indicates that the IHSG’s gains were not solely driven by a handful of large-cap stocks but were also supported by a broader group of equities.

From a technical standpoint, the morning rebound has not yet fully reversed the downtrend that has persisted in recent weeks. Although the index managed to climb by more than 1%, it remains well below key resistance levels, suggesting that significant volatility may continue. The 5,300 area is now viewed as a crucial support zone that market participants will closely monitor following the substantial selling pressure seen over the last several trading sessions.