The Composite Stock Price Index (IHSG) closed lower in Tuesday’s trading session on December 23, 2025. The decline was mainly driven by losses in shares of BUMI, SUPA, and BBCA, which weighed on the overall index.

According to RTI Infokom data as of 4:00 p.m. WIB, the IHSG ended the day at 8,584.78, down 0.71%. Throughout the session, the index fluctuated between 8,566 and 8,667. Market breadth showed 275 stocks advancing, 373 declining, and 157 trading flat. Market capitalization was observed to rise to Rp15,717 trillion.

Shares of PT Bumi Resources Tbk. (BUMI) recorded the highest trading value, reaching Rp3.2 trillion. The stock closed 3.55% lower at Rp380 per share.

Other stocks that posted notable declines included SUPA, which plunged 14.76% to Rp895, and BBCA, which slipped 1.83% to Rp8,025 per share. Additional pressure on the index came from BRMS, which fell 0.86% to Rp1,155, CDIA down 3.68% to Rp1,700, and BRPT, which dropped 4.65% to Rp3,280 per share.

MNC Sekuritas’ research team noted that the 0.71% correction to 8,584 was accompanied by selling pressure. They believe the IHSG is currently in wave [iv] of wave 5 under the main scenario, making it vulnerable to further downside toward the 8,464–8,560 range to fill a minor price gap. In the worst-case scenario, the index may have completed wave (1) and could see a deeper correction toward the 8,000 level.

The index’s support levels are seen at 8,553 and 8,493, while resistance is located at 8,714 and 8,821.

MNC Sekuritas also released several stock recommendations for Wednesday, December 24, 2025.

MBMA is recommended as buy on weakness after gaining 3.70% to 560 on higher buying volume. The stock is believed to be in the early phase of wave (b) of wave [b], with a buying range of 540–560, target prices of 610 and 640, and a stoploss below 525.

MDKA received a speculative buy recommendation. The stock declined 1.33% to 2,230 and has yet to break above its MA20. As long as it stays above the stoploss level of 2,160, MDKA is expected to be at the start of wave [i] of wave C, with target prices at 2,420 and 2,580.

SMBR is also rated as speculative buy after edging down 0.70% to 284. Provided the price holds above 280, the stock is considered to be in the early stage of wave [b] of wave 2, with upside targets at 296 and 304.

Meanwhile, TINS is recommended as buy on weakness. The stock dropped 2.67% to 3,280, though the correction remains supported by its MA20. TINS is estimated to be in wave [b] of wave 4, with a buying range of 3,230–3,270 and target prices of 3,410 and 3,530.

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