JCI Closes Down More Than 2 Percent After Rupiah Weakens Beyond Expectations
Jakarta – The Composite Stock Price Index (JCI) plunged by 2.16 percent or 163 points, dropping to the level of 7,378.60 at the close of trading on Thursday, 23 April 2026. The rupiah exchange rate’s weakening posed heavy pressure on the domestic index.
Analysts from Phintraco Sekuritas reported that the rupiah briefly touched Rp17,300 per US dollar and closed at Rp17,286 per US dollar in the spot market. This became the worst closing level for the rupiah in history and represented the deepest weakening in Asia.
“The relatively rapid weakening of the rupiah is beyond the previous market estimates. The prolonged closure of the Strait of Hormuz has kept oil prices at high levels, thereby raising concerns about potential inflation and widening budget spending deficits,” stated an analyst from Phintraco Sekuritas in their daily research on Thursday, 23 April 2026.
The JCI’s movement ranged between 7,378 and 7,582. The daily transaction volume reached Rp51.32 billion, with the number of trades conducted by investors amounting to 3.01 million transactions.
The cyclical consumer sector recorded the deepest correction of 3.43 percent, followed by a 3.41 percent decline in the industrial sector and a 2.36 percent erosion in the technology sector.
While the JCI and stock sectors were ablaze, the transportation sector was the only one to strengthen by 2.42 percent.
From a technical perspective, analysts from Phintraco Sekuritas assessed that the JCI has broken down the 7,500 support level, supported by volume. The positive MACD histogram is narrowing further and has the potential to form a Death Cross, while the Stochastic RSI indicator is trending downwards in the pivot area.
Furthermore, Phintraco Sekuritas reported that several issuers recorded the highest price jumps throughout the trading session today. Here are the three top gainers among the blue-chip stocks (LQ45).
PT Medco Energi Internasional Tbk (MEDC)
MEDC shares surged 5.88 percent or 100 points to 1,800.
PT Bank Tabungan Negara (Persero) Tbk (BBTN)
BBTN shares strengthened 5.30 percent or 75 points to the level of 1,490.
PT Japfa Comfeed Indonesia Tbk (JPFA)
JPFA shares rose 3.08 percent or 80 points and closed at 2,680.