{
    "success": true,
    "data": {
        "id": 1755977,
        "msgid": "jci-slides-3-54-as-resource-export-policy-weighs-1779542431",
        "date": "2026-05-21 20:58:23",
        "title": "JCI slides 3.54% as resource export policy weighs",
        "author": "",
        "source": "ANTARA_EN",
        "tags": "",
        "topic": "Regulation",
        "summary": "Jakarta's stock benchmark fell as the JCI dropped 3.54% to 6,094.94 and the LQ45 slid 2.26%, amid investor focus on a planned government regulation that would centralise natural-resource exports under state\u2011owned entities. Traders fear higher state control could erode private sector profitability, with the creation of the Danantara Sumberdaya Indonesia export entity central to the market reaction. The policy targets commodities such as crude palm oil, coal and ferroalloys, and is framed by claims of historic export under\u2011invoicing by the state.",
        "content": "<p>The Jakarta Composite Index (JCI) closed down 223.56 points, or 3.54\npercent, at 6.094.94. Meanwhile, the blue-chip LQ45 index fell 14.28\npoints, or 2.26 percent, to settle at 616.40.<\/p>\n<p>Market sentiment turned sharply bearish following details of an\nupcoming government regulation regarding natural resource export\nmanagement, an analyst said.<\/p>\n<p>The policy will appoint state-owned enterprises (SOEs) as sole\nexporters for key commodities, including crude palm oil (CPO), coal, and\nferroalloys.<\/p>\n<p>\u201cThe primary driver behind the JCI\u2019s decline is the planned\ncentralization of commodity exports under state entities, which\ninvestors believe will erode the profitability of private companies and\nhurt shareholders,\u201d Lionel Priyadi, Fixed Income and Macro Strategist at\nPT Mega Capital Indonesia, said on Thursday.<\/p>\n<p>\u201cWe are seeing strong negative reactions from both domestic and\nforeign investors.\u201d<\/p>\n<p>Traders are specifically reacting to the establishment of PT\nDanantara Sumberdaya Indonesia (DSI), a specialized state-owned export\nentity.<\/p>\n<p>Operating directly under the Danantara Investment Management Agency\n(BPI Danantara), DSI\u2019s mandate is to tighten control over strategic\nresources.<\/p>\n<p>The government justified the intervention by citing alleged historic\nexport under-invoicing, which it claims has cost the state roughly\nRp15,400 trillion (US$872 billion) over the last 34 years.<\/p>\n<p>The JCI opened lower and remained firmly in negative territory\nthroughout both trading sessions.<\/p>\n<p>All 11 sector indices on the Indonesia Stock Exchange recorded\nlosses.<\/p>\n<p>The basic materials sector plummeted the most, dropping 6.96 percent,\nfollowed closely by the energy sector down 6.74 percent, and consumer\ncyclicals, which shed 5.70 percent.<\/p>\n<p>Market turnover reached 35.77 billion shares valued at Rp18.49\ntrillion across more than 2.1 million transactions.<\/p>\n<p>Market breadth was overwhelmingly negative, with 663 declining stocks\nagainst just 88 gainers, while 69 remained unchanged.<\/p>\n<p>Regionally, Asian markets closed mixed on Thursday.<\/p>\n<p>Japan\u2019s Nikkei surged 3.10 percent to 61,658.00 and Singapore\u2019s\nStraits Times Index ticked up 0.02 percent.<\/p>\n<p>However, China\u2019s markets mirrored Jakarta\u2019s anxieties, with the\nShanghai Composite sliding 2.04 percent to 4,007.28, and Hong Kong\u2019s\nHang Seng Index dropping 1.03 percent to 25,386.52.<\/p>\n<p>Related news: Indonesia set export reform of natural resources into\nforce on June 1<\/p>\n<p>Related news: Purbaya says JCI will rebound after Danantara export\nreform<\/p>\n<p>Translator: Muhammad Heriyanto, Aditya Eko Sigit Wicaksono<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/jci-slides-3-54-as-resource-export-policy-weighs-1779542431",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}