Brief Reversal, But Here's Why the JCI Failed to Close in the Green
Jakarta, CNBC Indonesia — The Composite Stock Price Index (JCI) closed slightly weaker in Thursday’s trading (16/4/2026), after moving fluctuantly throughout the day.
The JCI closed at the level of 7,621.38, down 2.21 points or 0.03%. Since the opening, the JCI actually moved in the green zone and touched a high of around 7,705, but selling pressure began to increase towards noon until the index plunged to the 7,575 area.
In the second session, the JCI attempted a rebound but ultimately closed slightly in the red. A total of 385 stocks rose, 326 stocks fell, and 248 stocks were stagnant.
From the trading activity side, the transaction value was recorded as quite busy with a total of around Rp17.88 trillion and volume reaching 37.19 billion shares, with transaction frequency around 2.58 million times.
Market capitalisation was recorded at around Rp13,584 trillion.
Quoting Refinitiv, the JCI was supported by Sejahteraraya Anugrahjaya (SRAJ) as the main pillar with a contribution of 8.64 index points. Shares of this hospital issuer owned by Dato Sri Tahir soared 15.27% to 15,100 today.
However, SRAJ’s performance was unable to stem the JCI correction caused by the decline in Dian Swastatika Sentosa (DSSA) and Barito Pacific (BRPT) shares. DSSA, which fell 2.09%, and BRPT -4.62%, each dragged the JCI by 7.94 points and 6.75 points.
Meanwhile, major Asian markets were mostly in the green today. Nikkei rose 2.38%, Kospi up 2.21%, and HSI 1.72%.
This was in line with geopolitical conditions receiving fresh wind. The Trump administration expressed optimism on Wednesday regarding the chances of reaching an agreement to end the war with Iran, while warning of increasing economic pressure on Tehran if it remains stubborn.
Trump said the war he launched with Israel since late February is nearly over, although the shipping blockade he announced is starting to take effect and traffic through the Strait of Hormuz is still far below normal levels.
The United States warned that they could add secondary sanctions against Iranian oil buyers as an effort to strengthen bargaining position ahead of further negotiations, just weeks after Washington eased enforcement of some energy sanctions against Iran.
US and Iranian officials are considering returning to Pakistan for further talks as soon as this weekend, after negotiations on Sunday ended without a breakthrough. Pakistan’s military chief arrived in Tehran on Wednesday to try to prevent the conflict from reigniting.
Pakistan’s military confirmed that Field Marshal Asim Munir has arrived in Tehran. A senior Iranian source told Reuters that Munir, who mediated the last round of talks, will seek to “narrow differences” between the two sides. Foreign Minister Abbas Araqchi wrote on X welcoming Munir and said Iran is committed to “promoting peace and stability in the region.”
Talks last weekend ended without an agreement to end the war, which Trump started with Israel on 28 February, triggering Iranian attacks on Gulf countries and reigniting the conflict between Israel and Iran-backed Hezbollah in Lebanon.
In other developments, in the April 2026 World Economic Outlook, the IMF revised down the global economic growth projection to 3.1% in 2026 and 3.2% in 2027. This figure represents the weakest growth rate in the last two decades. The IMF also outlined a worst-case scenario if the Middle East conflict escalates and damages energy infrastructure.
In that heavy scenario, global growth is projected to plummet to 2%, with global inflation surging above 6% in 2027.
Amid the shadow of global pessimism, Indonesia’s economy is assessed to have solid resilience. The IMF projects Indonesia to record economic growth of 5% in 2026, higher than the projection for China at 4.4% and the Philippines at 4.1%, though still below India which is projected to grow 6.5%. Domestic inflation is also expected to be controlled at around 3% for this year.
The IMF cut the economic growth projection for Indonesia to 5.0% in 2026, from 5.1% in the previous projection.
International confidence in Indonesia is growing stronger. In a meeting on the sidelines of the IMF Spring Meetings, IMF Managing Director Kristalina Georgieva called Indonesia a “bright spot” amid the world economy.
This predicate is based on the government’s consistency in keeping the fiscal deficit below 3% of GDP, as well as Bank Indonesia’s adaptive policy mix in maintaining exchange rate stability and macroeconomic liquidity.