Breaking: JCI Slumps 3%, BCA Shares Fall 5% — Here’s Why
Jakarta, CNBC Indonesia — The Jakarta Composite Index (JCI) extended its decline in late Thursday trading, approaching the close. It stood at 5,121.97, down 160.34 points, or 3.04%.
According to Refinitiv data, PT Bank Central Asia Tbk (BBCA) fell 5.7% to Rp4,970 per share, giving it a market capitalisation of Rp606.5 trillion. The private bank’s shares were the biggest drag on the index on the day.
The JCI had opened higher at 5,305.20 and briefly reached a peak of 5,320.90. However, it soon reversed course and fell sharply during roughly the first hour of trading, dropping below 5,200 before 10 am Western Indonesian Time (WIB).
In the afternoon session, the index moved sideways between 5,140 and 5,180 before coming under renewed pressure at around 2 pm. The day’s low was 5,118.28, close to the index’s level at the time of reporting.
Refinitiv data showed the JCI was weighed down by several shares, including PT Bank Central Asia Tbk (BBCA), PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), PT Telkom Indonesia (Persero) Tbk (TLKM), PT Astra International Tbk (ASII) and PT Barito Renewables Energy Tbk (BREN).
Among the shares that helped limit the index’s decline were PT Dian Swastatika Sentosa Tbk (DSSA), PT Cisarua Mountain Dairy Tbk (CMRY), PT Temas Tbk (TMAS), PT Sawit Sumbermas Sarana Tbk (SSMS) and PT Bali Towerindo Sentra Tbk (BALI).
Trading volume stood at 173.2 million lots, with transactions worth Rp7,397.56 billion.
Pressure on Indonesia’s financial markets had been expected to ease after the Federal Reserve held interest rates. However, the release of US PCE inflation data and developments in the war could weigh on shares and the rupiah. Rising yields on Indonesian government bonds (SBN) were also a focus for the market.
The day’s key market factors included:
- The Fed holds interest rates
The Federal Reserve (the Fed) kept its benchmark rate at 3.75%–4.00%, but Thursday’s decision (29 October 2026) was not unanimous. Two officials, Lisa Cook and Beth Hammack, supported a 25-basis-point increase.
The Fed said inflation remained high and left the door open to further rate adjustments. Chair Kevin Warsh declined to signal the likely direction of the next policy move, while reaffirming that the central bank was working to bring inflation back to its 2% target.
Warsh also said the US economy was strengthening, with first-half 2026 growth revised up to 2.4%. However, high interest rates continued to raise borrowing costs and affect investment, including construction of artificial intelligence (AI) infrastructure.
Markets put the probability of a rate increase in December at about 80%. The yield on 10-year US Treasuries rose to 5.042% after the decision was announced.
- US PCE inflation for September 2026
The US was due to release September Personal Consumption Expenditures (PCE) inflation data at 7.30 pm WIB on Thursday (29 October).
In August 2026, PCE inflation stood at 3.4% year on year, while core inflation was 3.0% year on year.
Core PCE inflation, which excludes food and energy, was forecast to rise by 0.3% month on month in September 2026, up from 0.2% in August. The annual rate was projected to increase to 3.1% from 3.0%.
The data are significant because PCE is one of the key inflation measures the Fed uses to guide monetary policy.
- US jobless claims
The US was also due to announce jobless claims data for the week ending 24 October 2026.
Initial US jobless claims fell by 6,000 to 194,000 in the week ending 17 October 2026, their lowest level since mid-July and below the market expectation of 200,000, according to the US Department of Labour.
The decline indicated that the labour market remained solid amid economic uncertainty. Strong corporate earnings and resilient domestic demand had helped keep a wave of redundancies at bay.
However, high energy costs stemming from the US-Israel war with Iran, uncertainty over Federal Reserve interest rates and trade policy were weighing on companies’ hiring decisions.
- ECB interest rates in October 2026
The European Central Bank (ECB) was due to announce its decision at 8.15 pm WIB, followed by a press conference at 8.45 pm. The consensus forecast was for the main refinancing rate to remain at 2.65% and the deposit facility rate at 2.50%.
Attention was focused on the ECB’s response to inflation risks and slowing growth. Any decision to hold rates needed to be considered alongside the bank’s communication, particularly its views on possible further tightening and energy-cost pressures.
For global markets, a change in the ECB’s tone could affect the euro, European bonds and the dollar’s relative performance. As the announcement was close in time to key US data releases, investors needed to assess the combined implications rather than view either development in isolation.