Breaches 6,300! Here's Why the JCI Raced Ahead Today

The Jakarta Composite Index (JCI) continued its rally in trading on Tuesday (21/7/2026). As of around 11:45 WIB, the JCI had strengthened by 1.18% or 73.82 points to 6,305.60, breaching the psychological level of 6,300.

The index’s gains were supported by fairly broad-based buying. A total of 400 stocks advanced, 248 declined, and 317 were unchanged. Transaction value reached approximately Rp10.28 trillion, with a trading volume of 27.39 billion shares.

On a sectoral basis, property led the gains with a 5.46% increase. It was followed by basic materials, up 2.08%; energy, up 2.05%; utilities, up 1.99%; and technology, up 1.05%. The only sector in negative territory was healthcare, which fell 1.28%.

In terms of index contributors, the JCI’s rise was led by PT Amman Mineral Internasional Tbk (AMMN), which contributed around 10.13 points to the index gain. The next largest contributors were PT Maha Properti Indonesia Tbk (MPRO) with 6.43 points, PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) with 5.85 points, PT Dian Swastatika Sentosa Tbk (DSSA) with 5.16 points, and PT Bumi Resources Tbk (BUMI) with 2.95 points.

Meanwhile, the stocks that weighed most heavily on the index included PT Kalbe Farma Tbk (KLBF), PT MD Entertainment Tbk (FILM), PT Sejahteraraya Anugrahjaya Tbk (SRAJ), PT Indah Kiat Pulp & Paper Tbk (INKP), and PT United Tractors Tbk (UNTR). However, their weight was not significant compared to the stocks that surged ahead.

In terms of sentiment, the JCI rally was still supported by investor optimism regarding domestic conditions ahead of Bank Indonesia’s interest rate decision at the Board of Governors’ Meeting this week. Additionally, the certainty provided by S&P Global Ratings’ decision to maintain Indonesia’s sovereign debt rating at BBB with a stable outlook remained a positive catalyst for the market. S&P assessed that the pressure on Indonesia’s fiscal and external position due to high energy prices, rising global interest rates, the weakening rupiah, and increased policy uncertainty is only temporary. The agency expects conditions to improve along with the potential recovery in commodity prices and the government’s efforts to maintain fiscal discipline. Nevertheless, market participants remain watchful of rising geopolitical tensions in the Middle East, which are driving up oil prices, as well as the strengthening US dollar index and rising US Treasury yields, which could affect capital flows to emerging markets.