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Cermati Invest Weekly Update 19 Januari 2026

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Ulasan Pasar

INDONESIA W (-/+) % HARGA
IHSG 1.55% 9,075.41
ISSI 1.88% 224.91
IDX30 2.95% 452.48
FTSE Indonesia 2.03% 3,234.04
MSCI Indonesia 1.73% 6,539.69
Dolar Amerika 0.51% 16,885

Provided by Cermati Invest, last update 15 January 2026

IHSG & Saham Pekan Ini

Indeks, sentimen positif bagi pasar Indonesia membuat IHSG sempat mencatatkan All Time High (ATH) di 9100.825, walau akhirnya tutup di 9075.41 atau naik 1.55% dalam sepekan. Selain itu transaksi beli yang dilakukan oleh investor asing di seluruh pasar atau papan perdagangan sebesar 4.46T net sepanjang pekan lalu dan 6.35T net sejak awal tahun 2026. Hal ini mencerminkan optimisme para investor dalam dan luar negeri terhadap kondisi ekonomi Indonesia yang dianggap kuat.

Beberapa sektor yang mendominasi perdagangan sejak awal tahun 2026 adalah Industri, Infrastruktur, Cyclicals, Properti, Energi, dan Basic-Industry.

Hati-hati dengan kenaikan semu, karena rupiah semakin lemah, tetapi pasar saham terus mencatatkan kenaikan. Bahkan, IHSG kembali mencatatkan angka tertinggi baru, padahal momen “January Effect” harusnya sudah usai.

Beberapa kali IHSG meninggalkan jejak berupa “Gap Up” yang akan menjadi support ketika IHSG terkoreksi. Support gap terdekat 8956.727. Pekan ini IHSG diprediksikan bergerak antara 8932.62 (support)—9163.82 (resistance).

Sejak awal 2026 IHSG bergerak naik (+)4.96%.

Saham, pekan ini cermati: CUAN, JPFA, BMRI, BRIS, BBNI, CPIN, ELPI, ARCI, BRMS, APLN.

Pergerakan Rupiah

Rupiah cenderung melemah terhadap dolar Amerika, pergerakannya Rp16.836—Rp17.015. Jika rupiah tidak segera menguat kembali, ke depannya akan tembus ke atas Rp17.400 per 1 dolar Amerika.

Sejak awal 2026 nilai tukar 1 dolar Amerika terhadap rupiah naik 0.96%.

KOMODITAS W (-/+) % HARGA
Emas 1.88% 4,595.03
Perak 11.59% 88.54
Platina 2.41% 2,333.20
Nikel -0.25% 17,671.38
Timah 14.07% 51,921
Alumunium -0.23% 3,140.70
Minyak Mentah 0.54% 59.44
Minyak Sawit 0.00% 4,480
Gas -2.08% 3.10
Batu Bara 1.44% 108.85
Tembaga -1.34% 12,806.85

Provided by Cermati Invest, last update 15 January 2026

Emas & Kripto

Emas, 

Pembukaan awal pekan ini, emas dunia langsung mencatatkan angka tertinggi baru (ATH) di US$4690.94. Kondisi politik dan ekonomi global yang tidak baik-baik saja menyebabkan harga logam melonjak drastis sepanjang tahun 2025 dan berlanjut rallies tanpa jeda sampai saat ini, meninggalkan banyak sekali support gap (4642.975, 4517.25, 4333,725).

Harga emas pekan ini bergerak dalam area US$4517.25 (S) - US$4720.95 (R) per troy once. Resisten berikutnya US$4826.27.

Nilai tukar rupiah yang melemah terhadap dolar Amerika dan harga emas dunia yang terus naik, menyebabkan harga emas dalam rupiah bergerak naik lebih tinggi menuju Rp2.610.000 per gramnya. Emas fisik (emas batangan) berkisar Rp2.710.000—Rp2.810.000 per gram.

Harga emas, perak, dan platinum mencatatkan level tertinggi sepanjang sejarah. Sejak awal 2026 harga emas dunia naik (+)7.71%, perak (+)29.45%, dan platinum (+)14.37%. Sedangkan emas dalam negeri naik (+)8.88%.

Kripto,

KRIPTO W (-/+) % HARGA
Bitcoin 5.10% 95,184
Etherium 6.88% 3,300.35
Solana 5.93% 143.92

Provided by Cermati Invest, last update 15 January 2026

Sejak awal tahun, pasar kripto mulai bergerak naik meski masih dalam fase konsolidasi. Jika harga berhasil menembus level resistance terdekat, pasar kripto berpeluang kembali menguat. 

Bitcoin (BTC), saat ini bergerak di kisaran US$84.476–US$99.000. Jika mampu menembus batas atas tersebut, Bitcoin berpotensi melanjutkan kenaikan menuju US$107.957. Sejak awal 2026, BTC telah naik 4.48%.

Ethereum (ETH), bergerak di kisaran US$3.032–US$3.445. Jika berhasil menembus level atasnya, ETH berpeluang naik bertahap menuju US$4.295. Sejak awal 2026, ETH naik 8.07%.

Investor disarankan tetap berhati-hati, menghindari spekulasi berlebihan, serta melakukan diversifikasi dan menggunakan stablecoin untuk mengelola risiko volatilitas.

REGIONAL W (-/+) % HARGA
Dow Jones -0.29% 49,359.33
S&P 500 -0.38% 6,940.01
FTSE 100 1.09% 10,235.29
DAX 0.14% 25,297.13
Nikkei 225 3.84% 53,936.17
Hang Seng 2.34% 26,844.96
CSI 300 -0.57% 4,731.87
KOSPI 5.55% 4,840.74

Provided by Cermati Invest, last update 15 January 2026

Reksa Dana

Mengawali tahun 2026, pilihan reksa dananya berdasarkan performa terbaik sejak awal tahun, pilihan terbaik untuk:

Surat Berharga

Prospek pasar Surat Berharga Negara (SBN) dan obligasi korporasi pada 2026 diproyeksikan tetap positif, seiring berlanjutnya siklus pelonggaran moneter global yang dipicu potensi pemangkasan suku bunga The Fed dan bank sentral utama dunia. Beberapa pilihan surat berharga dapat dicermati pada tabel.

IHSG Cetak Rekor, Rupiah Tertekan di Tengah Geopolitik dan Arus Modal Asing

Pasar keuangan Indonesia bergerak beragam pada akhir pekan lalu. Indeks Harga Saham Gabungan (IHSG) mencetak rekor tertinggi, sementara rupiah melemah hingga menyentuh level terendah sepanjang masa terhadap dolar AS. Pelemahan rupiah dipicu arus keluar dana asing, terutama dari pasar Surat Utang Negara (SUN).

Dari sisi global, ketidakpastian geopolitik—mulai dari konflik AS–Venezuela, Rusia–Ukraina, hingga meningkatnya tensi China–Taiwan—mendorong investor bersikap defensif dan kembali memburu dolar AS sebagai aset aman.

Dari dalam negeri, perhatian pasar tertuju pada Rapat Dewan Gubernur (RDG) Bank Indonesia. Di tengah perlambatan China dan kuatnya ekonomi AS, BI diperkirakan mempertahankan BI Rate di level 4.75% pada RDG pekan ini. Sementara itu, ekonomi AS sebelumnya tumbuh kuat 4.3% pada kuartal III-2025, didorong konsumsi masyarakat yang solid.

Performance IHSG, XAUUSD (Gold), BTCUSD (Bitcoin) & USDIDR since Jan 2025 (YtD)

Reksa Dana

                Inception  
Reksa Dana PASAR UANG NAV 1Bln 3Bln 6Bln YTD 1Th 3Th % Tanggal AUM
HPAM Ultima Money Market 1701.5256 0.50% 1.34% 2.78% 0.17% 5.51% 16.06% 70.15% 10 Jun 2015 965.08 M
SAM Dana Kas 1509.1131 0.50% 1.24% 2.92% 0.23% 5.67% 14.48% 50.91% 10 Feb 2017 55.99 M
BNI-AM Dana Likuid Kelas A 2001.61 0.43% 1.14% 2.55% 0.16% 5.23% 14.05% 100.16% 27 Dec 2012 502.39 M
Setiabudi Dana Pasar Uang 1590.244 0.42% 1.28% 2.64% 0.18% 5.47% 16.61% 59.02% 23 Dec 2016 544.42 M
Syailendra Dana Kas 1776.8221 0.42% 1.27% 2.69% 0.17% 5.33% 15.30% 77.68% 12 Jun 2015 2.99 T
BRI Seruni Pasar Uang Syariah 1404.1083 0.41% 1.16% 2.54% 0.17% 5.34% 16.25% 40.41% 19 Jul 2018 1.83 T
Insight Money Syariah 1733.2659 0.41% 1.34% 2.90% 0.18% 5.97% 18.01% 73.33% 30 Sep 2015 187.11 M
BRI Seruni Pasar Uang III 1854.6571 0.40% 1.19% 2.56% 0.17% 5.30% 15.67% 85.47% 16 Feb 2010 3.55 T
Cipta Dana Cash 1811.6 0.40% 1.22% 2.86% 0.16% 5.83% 17.03% 81.16% 8 Jun 2015 547.10 M
Trimegah Kas Syariah 1503.1581 0.40% 1.21% 2.51% 0.15% 5.21% 15.73% 50.32% 30 Dec 2016 1.73 T
Danakita Stabil Pasar Uang 1695.68 0.39% 1.18% 2.58% 0.16% 5.14% 15.32% 69.57% 10 Sep 2015 66.76 M
Insight Retail Cash Fund 1678.3425 0.39% 1.31% 2.73% 0.17% 6.14% 17.17% 67.83% 13 Apr 2018 225.80 M
Bahana Likuid Syariah Kelas G 1269.61 0.38% 1.22% 2.49% 0.16% 5.18% 15.40% 26.96% 12 Jul 2016 515.80 M
TRIM Kas 2 Kelas A 2000.528 0.37% 1.18% 2.46% 0.15% 5.27% 15.61% 100.05% 8 Apr 2008 8.17 T

Provided by Cermati Invest, last update 15 January 2026

                Inception  
Reksa Dana PENDAPATAN TETAP NAV 1Bln 3Bln 6Bln YTD 1Th 3Th % Tanggal AUM
UOBAM Inovasi Obligasi Nasional 1109.371 1.23% 1.91% 5.51% 0.68% 9.17% 16.91% 10.94% 12 Jan 2021 85.27 M
Insight Renewable Energy Fund 2519.7617 0.46% 1.58% 5.37% 0.20% 9.67% 24.84% 151.98% 22 Jun 2011 1.70 T
BRI Melati Pendapatan Utama 2048.1346 0.44% 0.88% 5.04% -0.13% 10.44% 17.02% 104.81% 27 Sep 2012 186.72 M
Insight Haji Syariah 5566.0817 0.44% 1.51% 5.06% 0.20% 9.71% 25.78% 456.61% 13 Jan 2005 2.55 T
BNI-AM Short Duration Bonds Index Kelas R1 1110.15 0.36% -0.13% 3.82% -0.21% 9.87% 18.61% 15.42% 1 Sep 2022 218.76 M
BNI-AM Pendapatan Tetap Quality Long Duration Fund 1680.34 0.35% 0.53% 4.06% -0.33% 9.72% 15.32% 74.07% 16 Jun 2016 20.30 M
Sequis Bond Optima 1600.7154 0.23% -0.02% 3.65% -0.40% 9.45% 14.40% 60.07% 8 Sep 2016 55.67 M
Eastspring IDR Fixed Income Fund Kelas A 1885.5 0.19% 0.24% 4.16% -0.34% 10.43% 16.47% 88.55% 16 Mar 2015 192.59 M
Principal Total Return Bond Fund 2704.03 0.16% 0.26% 4.13% -0.36% 10.60% 13.21% 177.99% 21 Aug 2008 13.91 M
Eastspring Investments IDR High Grade Kelas A 1683.9 0.04% -0.08% 3.74% -0.57% 10.36% 16.71% 77.33% 9 Jan 2013 10.09 T
Syailendra Fixed Income Fund Kelas A 2794.48 0.04% -0.47% 3.77% -0.58% 9.60% 16.94% 179.45% 8 Dec 2011 191.08 M
Cipta Bond 1936.29 0.03% 0.26% 3.06% -0.63% 9.12% 15.46% 93.63% 2 Jan 2019 111.39 M
BRI Brawijaya Abadi Pendapatan Tetap 1515.2225 -0.03% 0.25% 4.93% -0.75% 13.26% 17.71% 51.52% 25 Feb 2019 120.60 M
HPAM Government Bond 1675.855 -0.35% -0.58% 3.70% -0.88% 10.82% 19.39% 75.09% 18 May 2016 29.04 M

Provided by Cermati Invest, last update 15 January 2026

                Inception  
Reksa Dana CAMPURAN NAV 1Bln 3Bln 6Bln YTD 1Th 3Th % Tanggal AUM
TRIM Syariah Berimbang 4402.86 10.00% 18.35% 28.84% 5.96% 33.62% 49.99% 340.29% 27 Dec 2006 80.47 M
Syailendra Balanced Opportunity Fund 4879.94 9.19% 19.19% 42.93% 6.43% 49.50% 58.67% 387.99% 22 Apr 2008 263.78 M
TRIM Kombinasi 2 3636.51 8.42% 15.74% 27.03% 5.30% 34.30% 46.79% 263.65% 10 Nov 2006 50.85 M
Setiabudi Dana Campuran 1716.9813 5.48% 9.90% 15.55% 3.43% 18.89% 38.49% 71.70% 25 Sep 2017 71.40 M
Trimegah Balanced Absolute Strategy Kelas A 2378.11 5.25% 12.36% 24.95% 4.70% 33.46% 49.67% 137.81% 28 Dec 2018 565.67 M
HPAM Flexi Indonesia Sehat Kelas A 2555.3705 0.70% 5.20% 18.14% 0.08% 33.13% 60.03% 155.54% 2 Mar 2011 101.83 M

Provided by Cermati Invest, last update 15 January 2026

                Inception  
Reksa Dana SAHAM NAV 1Bln 3Bln 6Bln YTD 1Th 3Th % Tanggal AUM
SAM Indonesian Equity Fund 2955.98 27.39% 17.88% 51.99% 4.49% 48.22% 77.22% 252.57% 18 Oct 2011 918.50 M
TRIM Syariah Saham 2552.14 12.43% 20.45% 35.44% 8.36% 41.62% 39.73% 155.21% 27 Dec 2006 130.63 M
BRI Syariah Saham 948.3266 9.83% 17.94% 30.96% 5.58% 35.10% 12.15% -5.17% 18 Sep 2014 15.35 M
Principal Islamic Equity Growth Syariah 1479.35 9.28% 11.89% 25.24% 6.52% 30.52% 22.44% 47.94% 10 Sep 2007 73.04 M
Bahana Primavera 99 Kelas G 1453.22 8.86% 21.48% 21.35% 4.97% 20.47% 16.98% 45.32% 5 Sep 2014 22.70 M
BRI Mawar Konsumer 10 Kelas A 1647.9135 7.69% 17.09% 20.44% 4.41% 12.32% 7.44% 64.79% 16 Feb 2011 184.17 M
SAM Indonesian Equity Fund 2955.98 6.81% -1.17% 27.43% 4.49% 24.27% 46.35% 195.60% 18 Oct 2011 918.50 M
Principal Total Return Equity Fund Kelas O 3862.81 6.48% 14.30% 22.54% 4.72% 23.73% 16.99% 286.28% 1 Jul 2005 23.59 M
HPAM Ultima Ekuitas 1 Kelas A 3982.0659 6.28% 18.78% 22.04% 4.82% 45.44% 64.29% 298.21% 2 Nov 2009 531.79 M
HPAM Ekuitas Syariah Berkah Kelas A 2683.3187 5.62% 7.86% 9.12% 3.04% 43.02% 100.61% 168.33% 20 Jan 2020 1.33 T
TRIM Kapital Plus 5292.13 5.55% 12.11% 19.65% 5.64% 19.37% 40.09% 429.21% 18 Apr 2008 504.57 M
UOBAM Sustainable Equity Indonesia 1062.57 5.43% 10.96% 19.52% 2.71% 14.91% 10.85% 6.26% 4 Aug 2021 41.11 M
BNI-AM Inspiring Equity Fund 1037.5854 4.23% 13.48% 19.30% 3.46% 15.79% 5.72% 3.76% 7 Apr 2014 1.27 T
TRIM Kapital 12190.91 3.69% 7.20% 14.81% 3.60% 14.13% 14.41% 1119.09% 19 Mar 1997 302.96 M
UOBAM Indeks Bisnis-27 1442.1977 3.30% 12.56% 14.09% 2.56% 13.41% 9.67% 44.22% 15 Aug 2012 183.15 M
Bahana Primavera Plus 15184.82 2.72% 19.45% 27.96% 4.15% 32.04% 10.60% 1418.48% 27 May 1997 84.90 M
Syailendra Equity Opportunity Fund 5011.94 1.26% 5.18% 23.49% 1.99% 22.21% 34.66% 401.19% 7 Jun 2007 259.94 M
Cipta Saham Unggulan Syariah 2481.23 -1.49% 4.72% 3.85% -0.51% 12.68% 9.90% 148.12% 5 Sep 2018 15.49 M

Provided by Cermati Invest, last update 15 January 2026

                Inception  
Reksa Dana USD NAV 1Bln 3Bln 6Bln YTD 1Th 3Th % Tanggal AUM
Eastspring Syariah Equity Islamic Asia Pacific USD Kelas A 1.690564 7.19% 16.29% 44.69% 2.62% 82.77% 63.30% 69.06% 28 Oct 2016 2.88 Jt
Eastspring Syariah Greater China Equity USD Kelas A 0.778686 4.76% 6.23% 19.09% 3.68% 31.45% 0.98% -22.13% 15 Jun 2020 7.81 Jt
BRI G20 Sharia Equity Fund Dollar 1.298 3.10% 3.78% 5.41% 1.92% 9.11% 24.20% 29.80% 3 Dec 2019 1.16 Jt
Batavia Global ESG Sharia Equity USD 1.3025 2.00% 4.58% 8.43% 1.86% 13.61% 30.84% 30.25% 27 Jan 2021 10.63 Jt
Batavia Technology Sharia Equity USD 1.2996 1.18% 1.02% 8.09% -0.61% 12.12% 79.73% 29.96% 16 Feb 2022 107.61 Jt
STAR Fixed Income Dollar 1.07495 0.32% 0.97% 2.45% 0.13% 4.36% 16.97% 7.50% 10 Jul 2017 14.08 Jt
Eastspring Syariah Fixed Income USD Kelas A 0.968002 0.24% 0.29% 1.10% 0.04% 4.81% 8.44% -0.23% 8 Mar 2021 11.79 Jt
Batavia USD Bond Fund 1.069 0.21% 0.27% 1.40% 0.04% 5.09% 4.15% 6.90% 18 Oct 2022 29.49 Jt
BRI Melati Premium Dollar 1.458121 -0.22% -0.03% 2.70% -0.43% 7.96% 8.15% 45.81% 19 Feb 2007 1.95 Jt

Provided by Cermati Invest, last update 15 January 2026

Surat Utang/Obligasi

NAMA OBLIGASI ISIN MATA UANG KUPON TANGGAL JATUH TEMPO INDIKASI HARGA BELI INDIKASI HARGA JUAL INDIKASI YIELD RATING
FR0103 IDG000024506 IDR 6.75% 15-Jul-35 103.5 102.5 6.19% BBB
FR0088 IDG000018201 IDR 6.25% 15-Jun-36 100.6 99.6 6.17% BBB
PBS005 IDP000001505 IDR 6.75% 15-Apr-43 101.75 100.75 6.58% BBB
BWPT01BCN2 IDA0001522B2 IDR 11.00% 26-Feb-28 101 100 10.56% idA-
INKP05BCN1 IDA0001485B2 IDR 10.75% 4-Oct-29 101.25 100.25 10.38% idA+
Provided by Cermati Invest, last update 15 January 2026
Monday, 19 January 2026 Previous Consensus
Forecast
8:30 AM CN House Price Index YoY DEC -2.4%   -2.6%
9:00 AM CN GDP Growth Rate YoY Q4 4.8% 4.4% 4.6%
9:00 AM CN Industrial Production YoY DEC 4.8% 5.0% 5.4%
9:00 AM CN Retail Sales YoY DEC 1.3% 1.2% 1.4%
9:00 AM CN Fixed Asset Investment (YTD) YoY DEC -2.6% -3.0% -2.8%
9:00 AM CN GDP Growth Rate QoQ Q4 1.1% 1.0% 1.2%
  CN FDI (YTD) YoY DEC -7.5%   -6.8%
Tuesday, 20 January 2026 Previous Consensus
Forecast
8:15 AM CN Loan Prime Rate 1Y 3.0% 3.0% 3.0%
8:15 AM CN Loan Prime Rate 5Y JAN 3.5% 3.5% 3.5%
2:00 PM DE PPI YoY DEC -2.3% -2.4% -2.1%
5:00 PM DE ZEW Economic Sentiment Index JAN 45.8 49 42
8:15 PM US ADP Employment Change Weekly 11.75K    
Wednesday, 21 January 2026 Previous Consensus
Forecast
4:30 AM US API Crude Oil Stock Change JAN/16 5.27M    
2:00 PM GB Inflation Rate YoY DEC 3.2% 3.3% 3.1%
2:00 PM GB Core Inflation Rate YoY DEC 3.2% 3.3% 3.1%
2:00 PM GB Inflation Rate MoM DEC -0.2%   0.2%
2:30 PM ID Interest Rate Decision 4.8%   4.8%
6:00 PM GB CBI Business Optimism Index Q1 -31   -27
6:00 PM GB CBI Industrial Trends Orders JAN -32 -33 -28
7:00 PM US MBA 30-Year Mortgage Rate JAN/16 6.2%    
10:00 PM US Pending Home Sales MoM DEC 3.3%   1.4%
10:00 PM US Pending Home Sales YoY DEC 2.6%   0.2%
Thursday, 22 January 2026 Previous Consensus
Forecast
6:50 AM JP Balance of Trade DEC ¥316.7B ¥357B ¥ -400B
6:50 AM JP Exports YoY DEC 6.1% 6.1%  
6:00 PM GB CBI Distributive Trades JAN -44 -35 -57
8:30 PM US Initial Jobless Claims JAN/17 198K 205K 195.0K
Friday, 23 January 2026 Previous Consensus
Forecast
12:00 AM US EIA Crude Oil Stocks Change JAN/16 3.391M    
12:00 AM US EIA Gasoline Stocks Change JAN/16 8.977M    
6:30 AM JP Inflation Rate YoY DEC 2.9%   2.7%
6:30 AM JP Core Inflation Rate YoY DEC 3.0% 2.4% 2.8%
7:01 AM GB Gfk Consumer Confidence JAN -17 -16 -17
7:30 AM JP S&P Global Manufacturing PMI Flash JAN 50 50 50.3
7:30 AM JP S&P Global Services PMI Flash JAN 51.6   51.5
10:00 AM JP BoJ Interest Rate Decision 0.75% 0.75% 0.75%
10:00 AM JP BoJ Quarterly Outlook Report      
2:00 PM GB Retail Sales MoM DEC -0.1% -0.1% -0.2%
2:00 PM GB Retail Sales YoY DEC 0.6% 0.9% 0.8%
3:30 PM DE HCOB Manufacturing PMI Flash JAN 47 48 48.5
3:30 PM DE HCOB Composite PMI Flash JAN 51.3   52.2
3:30 PM DE HCOB Services PMI Flash JAN 52.7 53 52.9
4:30 PM GB S&P Global Manufacturing PMI Flash JAN 50.6 50.7 50.8
4:30 PM GB S&P Global Services PMI Flash JAN 51.4 51.7 51.5
9:45 PM US S&P Global Composite PMI Flash JAN 52.7   52.8
9:45 PM US S&P Global Manufacturing PMI Flash JAN 51.8 52.1 52
9:45 PM US S&P Global Services PMI Flash JAN 52.5 52.8 52.3
10:00 PM US Michigan Consumer Sentiment Final JAN 52.9 54 54
Source: BI, CNBC Indonesia, Bloomberg, Investing, Trading Economics, KSEI, Cermati, Artha Investa Teknologi (AIT), Stockwatch.id.

Disclaimer:
Dokumen ini dibuat hanya untuk memberikan informasi. Isi dokumen ini tidak boleh ditafsirkan sebagai suatu bentuk penawaran untuk membeli/menjual/dijadikan dasar dari atau yang dapat dijadikan pedoman sehubungan dengan suatu perjanjian atau komitmen apa pun atau suatu nasehat investasi.

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