JCI and Rupiah Under the Shadow of MSCI Meeting News to War
Indonesia’s financial markets are expected to remain volatile today, Tuesday (28 April 2026). For more details on today’s financial market projections, see page 3 of this article.
The Composite Stock Price Index (JCI) suddenly plunged during yesterday’s trading on Monday. The JCI, which had strengthened in the first session, ultimately closed down 22.97 points or 0.32% at 7,106.52 by the end of the second session.
Although the JCI closed weaker, most stocks were actually in the green zone. Trading value was also quite high, reaching Rp16.57 trillion involving 33.17 billion shares in 2.20 million transactions.
Based on market data, shares of major banks recorded the largest transaction values. PT Bank Central Asia Tbk (BBCA) led with a total transaction of Rp3.28 trillion. However, shares of the Djarum Group issuer weakened and once touched Rp5,975, down 1.24%.
After BBCA, shares of PT Bank Mandiri (Persero) Tbk (BMRI) recorded a transaction value of Rp2.28 trillion, followed by PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) at Rp1.33 trillion.
The majority of trading sectors weakened yesterday. The deepest corrections were recorded in the energy and financial sectors.
Pressure in the financial sector was evident from the weakening of several major banking stocks. Major banking issuers collectively corrected, with the largest declines recorded by Bank Permata (BNLI) and Bank Danamon (BDMN).
Besides banking, pressure also came from several conglomerate and energy issuers. Two issuers from the Prajogo Pangestu Group, namely PT Petrosea Tbk (PTRO) and PT Chandra Asri Pacific Tbk (TPIA), recorded significant weakening.
Meanwhile, the coal mining issuer from the Sinar Mas Group, PT Dian Swastatika Sentosa Tbk (DSSA), fell again by 8.66% to Rp1,845 per share. DSSA shares have dropped 43% in a week following the latest MSCI announcement.
This situation indicates that pressure on the JCI is still coming from large-cap stocks and issuers under market spotlight. Although most stocks are in the green zone, the weakening of large stocks was strong enough to drag the index into the red.
From the foreign exchange market, the rupiah exchange rate managed to close stronger against the US dollar in early week trading.
Throughout the trading session, the rupiah moved quite volatile. At the opening of trading, the rupiah was stagnant at Rp17,190/US$, the same as the previous close.
However, the rupiah briefly entered the red zone, reaching its weakest level of the day at Rp17,235/US$. After that, the Garuda currency reversed direction and ultimately closed with a slight strengthening.
The rupiah’s strengthening occurred amid a cautious market watching the direction of the global economy. Uncertainty from abroad remains the main pressure, from tariff policies, high US interest rates, to Middle East conflicts that have not fully subsided.
Bank Indonesia Governor Perry Warjiyo said the current global conditions are still full of challenges. According to him, the world is not doing well because uncertainty is still high and the global economy tends to slow down.
This was stated by Perry at the National Policy Dialogue and Kick Off for the National Intermediation Acceleration (PINISI) on Monday (27 April 2026).
“The impact of the Middle East conflict is truly being monitored and cautioned against, not only high oil prices and high US interest rates and capital outflows and pressure on our economy,” said Perry.
This statement reinforces that pressure on the rupiah does not only come from US dollar movements, but also from a broader combination of global risks. The Middle East conflict has the potential to keep oil prices high, while US interest rates that remain at high levels can cause capital outflows from emerging countries, including Indonesia.
In such conditions, the rupiah becomes more vulnerable to volatile movements. When global investors choose assets deemed safer, pressure on emerging market currencies usually increases as well.
Perry assessed that Indonesia needs to strengthen synergy to maintain domestic economic resilience. Bank Indonesia, together with the government, Financial Services Authority, Danantara, business actors, and investors, is promoting the National Intermediation Acceleration Programme or PINISI.
This programme is aimed at strengthening financing, encouraging project realisation, and maintaining domestic economic momentum amid global pressures.
“We hope PINISI can carry out good interactions in agreements, financing, and project realisation,” explained Perry.
Shifting to the bond market, the yield on 10-year Government Securities (SBN) rose at Monday’s close. The SBN yield closed at 6.814%.
As a note, the rise in yields indicates that SBN prices are falling, meaning market participants are engaging in selling actions on SBN.
From the US stock market, Wall Street mostly strengthened on Monday’s trading or early Tuesday Indonesian time.
The S&P 500 and Nasdaq Composite indices even hit new all-time highs, though gains were limited due to stalled Iran peace talks and new escalation in the Strait of Hormuz that pushed oil prices higher.
The S&P 500 rose 0.12% and closed at a record 7,173.91. The Nasdaq Composite strengthened 0.20% and recorded a record close at 24,887.10.
Both indices also touched all-time highs during the trading session.
Meanwhile, the Dow Jones Industrial Average weakened 62.92 points or 0.13% to 49,167.79.
US President Donald Trump on Saturday cancelled plans to send special envoy Steve Witkoff and Jared Kushner to Pakistan for ceasefire talks related to Iran, citing that negotiations could be done by phone.
“Too much time wasted on travel, too much work!” Trump wrote on Truth Social.
“No one knows who’s in control, including them. Besides, we hold all the cards; they have nothing! If they want to talk, all they need to do is call!!!”
Spokesperson for the Ministry