Breaking: JCI Opens 1.5% Lower — Here’s Why

Jakarta, CNBC Indonesia — The Jakarta Composite Index (JCI) began trading in negative territory on Wednesday (4 November 2026), opening at 4,856.96, down 0.97%, or 47.33 points.

Selling continued after the opening. At 9am Western Indonesian Time (WIB), the JCI stood at 4,831.14, down 73.15 points, or 1.49%. It was just above its low of 4,828.92, a fall of about 1.54%.

At the start of the session, trading volume reached 11.58 million lots, with a transaction value of Rp293.31 billion.

The decline was driven by pressure across several sectors. Basic materials fell the most, down 2.9%, followed by property, down 2.6%, and consumer cyclicals, down 1.6%.

Among the stocks weighing on the JCI were PT Amman Mineral Internasional Tbk (AMMN), PT Barito Pacific Tbk (BRPT), PT Chandra Asri Pacific Tbk (TPIA), PT Bumi Resources Minerals Tbk (BRMS) and PT Astra International Tbk (ASII).

Other stocks contributing to the decline included PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), PT Mitra Komunikasi Nusantara Tbk (MKNT), PT Bank Central Asia Tbk (BBCA), PT Indocement Tunggal Prakarsa Tbk (INTP) and PT Indofood CBP Sukses Makmur Tbk (ICBP).

Indonesia’s financial markets are expected to remain under pressure on Wednesday amid rising global uncertainty and domestic turbulence.

Investors are watching a range of economic and policy developments, including the US election, global oil prices and the outcome of a meeting of the Financial System Stability Committee (KSSK).

At home, the alleged wiretapping case has drawn particular attention. The following are some of the key developments and market factors to watch.

1. Wiretapping case

The alleged wiretapping of President Prabowo Subianto has shaken Indonesia. There are concerns that the case could heighten investor worries about security, investment risks and political turbulence in the country.

Indonesia’s National Police Criminal Investigation Agency has named three suspects in an investigation into alleged illegal wiretapping, the deletion of electronic data and illegal access. National Police Criminal Investigation Agency chief Commissioner General Asep Safrudin announced the decision at a press conference at police headquarters in South Jakarta on Tuesday (3 November 2026).

Police have named three suspects and detained three senior officers: General LSP (Listyo Sigit Prabowo), Inspector General ASN (Ahrie Sonta Nasution) and Inspector General EHS (Eko Hadi Santoso).

2. US election: Trump under pressure as Democrats target Congress

Millions of Americans voted in the midterm elections on Tuesday (3 November 2026). The results could see the Republican Party, led by President Donald Trump, lose control of Congress.

Democrats are expected to perform strongly in the race for the US House of Representatives. Close contests in several states will determine whether they can also win a Senate majority and control both chambers of Congress.

3. US JOLTS employment data

US job openings unexpectedly rose by 333,000 to 7.523 million in September 2026, up from a revised 7.19 million in August. The figure exceeded market expectations of 7.10 million and was the highest in four months.

Openings increased in several sectors, particularly professional and business services, which added 106,000, and state and local government, excluding education, which added 104,000.

Manufacturing recorded an increase of 54,000 vacancies, construction added 36,000 and wholesale trade rose by 21,000.

4. KSSK: Financial stability maintained; economy forecast to grow 5.4–5.5%

The Financial System Stability Committee (KSSK) said Indonesia’s financial system remained stable throughout the third quarter of 2026, although pressure on the economy and financial markets intensified in October.

The pressure was driven by escalating global geopolitical tensions, higher energy prices, tight liquidity and turbulence in the domestic stock market linked to concerns about MSCI.

On the fiscal side, state revenue reached Rp2,341.5 trillion through September 2026, up 25.5% year on year. State expenditure reached Rp2,660.5 trillion, an annual increase of 19%, driven by the government’s priority programmes, including the Free Nutritious Meals programme (MBG), social assistance, energy subsidies and infrastructure development.

In financial markets, cumulative foreign capital flows recorded a net inflow of US$13.23 billion between January and 23 October 2026. Foreign investors also made net purchases of government bonds worth Rp28.79 trillion amid global market volatility.

Transactions using local currencies, or Local Currency Transactions (LCT), with seven partner countries reached US$52.6 billion between January and September 2026 — more than twice the US$25.7 billion recorded for all of 2025.

Despite global pressures, the government remains optimistic that Indonesia’s economy will grow by 5.4–5.5% in 2026, supported by household consumption, government stimulus and exports. The KSSK said it would continue to strengthen policy coordination to maintain financial system stability amid global and domestic risks.

7. US trade balance for September 2026

The United States is due to release its September 2026 trade balance data on Wednesday (4 November 2026) at 8.30pm WIB. Investors will be watching for indications of international trade activity and possible effects on the US dollar and global financial markets.

In August 2026, the US trade deficit widened to US$105.6 billion from US$92.8 billion in July, its largest since March 2025. The increase was mainly driven by a US$17.2 billion surge in imports to a record US$420.8 billion, while exports rose by only US$4.5 billion to US$315.2 billion.