Despite the sharp sell-off, the market managed to recover part of its losses toward the close, with the JCI settling at 7,337.37. The late-session rebound suggests selective bargain hunting and rotation into commodity-linked counters, as investors positioned for potential upside in energy and raw material prices should geopolitical tensions persist.

Most Active JCI (9 March 2026)

Trading activity on March 9th remained concentrated in commodity and banking heavyweights, which dominated the most active stocks by transaction value during the session. Resource-linked counters such as Bumi Resources Tbk, Energi Mega Persada Tbk, Medco Energi Internasional Tbk, and Aneka Tambang Tbk attracted strong trading interest, reflecting investors’ positioning toward energy and commodity plays amid rising global resource prices and heightened geopolitical tensions.

Coal Price Chart

However, despite the skyrocketing commodity prices (especially in energy prices), we believe it is better to remain defensive and wait for the market to be more stable before adding more weight on commodity or any other stocks. As seen from recent days, the JCI has continuously falling along with commodity stocks as well. In our view, it is better to miss 10% of the rally rather than to catch a falling knive.