Breaking! JCI Suddenly Plummets 1.60% as Conglomerate Stocks Reverse Trend
Jakarta, CNBC Indonesia - The Indonesia Composite Index (JCI) plummeted suddenly after initially opening higher in Wednesday’s (3/6/2026) trading session. At the start of trading, the JCI surged 11.67 points or 0.19% to 6,207. However, less than 15 minutes after the market opened, the index dropped 1.60% to the 6,096.28 level, losing nearly 100 points.
Transaction value at the start of trading was recorded at Rp 2.64 trillion with a volume of 4.45 billion shares and a frequency of 334,000 transactions. A total of 149 stocks were recorded to have risen, 3ly98 weakened, and 159 remained stagnant. Conglomerate stocks, which had provided the fuel for the JCI’s gains in the previous session, were notably active but moved in unison downwards, acting as a drag on the index’s performance.
Various domestic and international sentiments are expected to shadow the JCI and the Rupiah. Following gains in Tuesday’s trading, the Indonesian financial market faces new tests. Data from the S&P Global Purchasing Managers’ Index (PMI) released on Tuesday (2/6/2026) showed Indonesia’s PMI stood at 50.0 in May 2026, an improvement from the contraction seen in April 2026 (49.1), driven by recovering domestic demand. However, export performance remains a weakness, with overseas orders falling for the third consecutive month due to ongoing trade disruptions caused by conflicts in the Middle East.
Statistics Indonesia (BPS) also announced that Indonesia’s trade balance in April 2026 recorded a surplus of US$ 90 million, a significant shrinkage compared to the US$ 3.32 billion surplus in March 2026. Despite this, the surplus marks the 72nd consecutive month of surplus since May 2020. Furthermore, BPS reported inflation in May 2026 at 0.28% month-to-month, with annual inflation reaching 3.08%, indicating higher inflationary pressure compared to April 2026.
A significant market sentiment involves the volume of approved but undisbursed loans (undisbursed loans) reaching Rp 2,527 trillion as of March 2026, signalling that some businesses are still withholding expansion. Nixon Napitupulu, Vice Chairman of the National Banks Association (Perbanas), noted that undisbursed loans increased by 7.35% year-on-year in March 2026, with the largest increase occurring in large-cap banks.
In the broader regional context, Asia-Pacific markets opened stronger on Wednesday, with Japan’s main index hitting a new record high. Investors appeared to overlook uncertainties regarding US-Iran negotiations. However, tensions remain high, with US Secretary of State Marco Rubio stating that Iran has placed mines in parts of the Strait of Hormuz and conducted attacks on commercial vessels. While the Nikkei 225 and Topix rose, Hang Seng futures in Hong Kong showed weakness. In the commodities market, crude oil prices continued to rise amid supply disruption fears, with WTI futures up 1.16% to US$ 94.92 per barrel.