Economist projects JCI at 6,500–7,000 level in Q3 2026

Head of Research & Chief Economist at PT Mirae Asset Sekuritas Indonesia, Rully Arya Wisnubroto, projects that the Jakarta Composite Index (JCI) of the Indonesia Stock Exchange (IDX) could reach the 6,500–7,000 level in the third quarter of 2026.

“The range, optimistically, is perhaps between 6,500 and 7,000,” Rully said when met in Jakarta on Tuesday.

Rully said the most significant factor in lifting the JCI is inflow, or the entry of funds from foreign investors.

However, Rully is of the view that at present, inflows have not yet shown signs of significant increase.

“I think the inflow is not yet sufficient, especially with MSCI and FTSE. The inflow has not been too significant,” Rully said.

On that basis, Rully projects that the JCI’s rise in Q3 2026 will not occur as significantly as in previous years, when it briefly touched the 9,000 level.

Nevertheless, he said the JCI projection remains volatile as it depends on sentiment that could also cause the index to fall.

“We hope that all situations remain stable. If, for example, there are demonstrations, as long as they are not anarchic or disorderly, it should be safe, God willing,” Rully said.

The Jakarta Composite Index (JCI) of the Indonesia Stock Exchange (IDX) continued its strengthening on Tuesday amid market participants weighing sentiment from both domestic and global levels.

The JCI opened up 46.94 points, or 0.73 percent, at 6,448.83. Meanwhile, the group of 45 leading stocks, or the LQ45 Index, rose 2.83 points, or 0.45 percent, to 635.11.

Domestically, the JCI continued its strengthening after gaining 1.59 percent in the last trading session on Friday (14/08), driven by sentiment from President Prabowo Subianto’s state address at the 2026 Annual Session of the People’s Consultative Assembly (MPR RI) and the Joint Session of the House of Representatives and the Regional Representatives Council (DPR-DPD RI), along with the delivery of the Government’s Introduction/Statement on the Draft Law on the 2027 State Budget (APBN) and its Financial Note.

In his address, the government targeted Indonesia’s economic growth to reach 6 percent in 2027, higher than the 5.4 percent target in the 2026 State Budget, and targeted investment realisation of Rp2,322 trillion in 2027, up from the Rp2,041.3 trillion target in 2026.