Breaking: JCI Plunges 3% — Here’s Why
Jakarta, CNBC Indonesia — The Composite Stock Price Index (JCI) continued to weaken, with losses deepening. At 1.45pm WIB, it stood at 4,942.31, down 154.52 points, or 3.03%.
The JCI traded across a wide range throughout the day. It opened at 5,126.53 and briefly reached a high of 5,143.58 early in the session. Selling pressure then dominated, dragging the index down to an intraday low of 4,941.53.
Trading volume reached 150.37 million lots, with transactions valued at Rp5,968.11 billion, or around Rp5.97 trillion.
The JCI’s decline in the afternoon session was weighed down by the basic materials sector, which fell 4.7%, followed by property, down 4%, and energy, down 3.8%.
Among the shares weighing on the JCI were PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), PT Astra International Tbk (ASII), PT Bank Central Asia Tbk (BBCA), PT Telkom Indonesia (Persero) Tbk (TLKM) and PT Bank Mandiri (Persero) Tbk (BMRI).
Meanwhile, shares limiting the index’s losses included PT Mitra Komunikasi Nusantara Tbk (MKNT), PT GoTo Gojek Tokopedia Tbk (GOTO), PT Mitra Adiperkasa Tbk (MAPI), PT Kalbe Farma Tbk (KLBF) and PT ITSEC Asia Tbk (CYBR).
Indonesia’s financial markets were expected to be influenced by a range of domestic and international factors. Falling oil prices could provide a positive catalyst for shares and the rupiah, while the US election could exert pressure.
Domestically, the results of a meeting of the Financial System Stability Committee (KSSK) and inflation data could shape market sentiment. Key factors for the day included:
- US midterm elections 2026: Trump under threat as Democrats target Congress
The US midterm elections take place on Tuesday, 3 November 2026, with the stakes high for President Donald Trump and the Republican Party. Democrats are seeking to take control of Congress amid falling approval ratings for Trump and pressure from the cost of living.
According to the University of Florida Election Lab, more than 57 million Americans had voted early by Monday, exceeding the 46 million early voters in the 2022 midterms.
- Oil prices plunge
Global crude oil prices fell by more than 7% on Monday, 2 November 2026, as hopes grew that the US-Israeli war against Iran could end following peace talks involving Iranian and Qatari officials.
Brent crude closed 7.63% lower at US$104.77 a barrel, while US West Texas Intermediate (WTI) fell 7.36% to US$96.46 a barrel.
Market sentiment improved after Iranian President Masoud Pezeshkian said Tehran would seek to resolve the conflict through dialogue. US President Donald Trump also said a deal to end the war might be reached.
Lower oil prices are positive news for Indonesia as a net oil importer, particularly because they could ease pressure on the state budget and inflation.
- KSSK meeting
The Financial System Stability Committee is due to hold a meeting and press conference on Tuesday, 3 November 2026.
Investors will be watching the committee’s assessment of Indonesia’s financial system in the third quarter and any new policies announced by its members.
Amid global volatility, the KSSK’s comments are expected to offer a clear indication of the outlook for Indonesian financial-sector policy. Its members are also expected to answer public questions about the fall in the Indonesian stock market and the rupiah, as well as the impact of new capital-market regulations.
- China’s manufacturing growth eases
China’s RatingDog manufacturing Purchasing Managers’ Index (PMI) edged down to 52.0 in October 2026 from 52.1 in September. Despite the slight decline, the reading beat the market forecast of 51.6 and marked the 11th consecutive month of expansion.
Output grew at its fastest pace in six months, driven by an increase in new orders and new product launches. Export demand also rose, although at a slower rate than in the previous month.