JCI closes higher in a technical rebound after correction

Jakarta (ANTARA) – The Indonesia Stock Exchange’s (IDX) Composite Stock Price Index (JCI) closed higher on Monday, in a technical rebound following a fairly sharp correction over the past few weeks.

The JCI ended Monday up 23.34 points, or 0.46%, at 5,073.77. The LQ45 index of 45 leading shares gained 4.11 points, or 0.79%, to 522.39.

“We believe the JCI’s 0.46% rise to 5,073.77 in today’s trading reflects more of a technical rebound after the market’s fairly sharp correction over the past few weeks,” Rully Arya Wisnubroto, head of research and chief economist at Mirae Asset Sekuritas, told ANTARA in Jakarta on Monday.

Rully said the increase was a positive development, but added that it did not yet indicate a sustained change in the market trend.

Domestically, investors remain focused on developments concerning MSCI, particularly ahead of the announcement of its review results on 11 November.

Uncertainty over index composition, free float and Indonesia’s classification prospects remains a key factor limiting the recovery of investor confidence.

Meanwhile, several relatively strong domestic economic indicators, including third-quarter economic growth of 5.47% year on year, have supported market sentiment.

“However, we believe the impact remains relatively limited compared with the pressure arising from MSCI-related uncertainty,” Rully said.

Externally, markets are monitoring developments in Federal Reserve interest rates, US Treasury yields and movements in the US dollar.

Relatively strong US labour-market data have heightened concerns that US monetary policy will remain tight, potentially limiting capital flows to emerging markets, including Indonesia.

“Overall, we expect the JCI to remain volatile in the short term,” Rully said.

He added that Monday’s gains were not enough to change his cautious view of the Indonesian equity market, particularly in the absence of more concrete progress on capital-market reforms and the handling of MSCI-related issues.

Phintraco Sekuritas head of research Ratna Lim said in a research note that the JCI’s positive performance on Monday was also supported by a continued decline in Brent crude prices to around US$96 a barrel, amid hopes that the US-Iran conflict would ease.

Indonesia’s Consumer Confidence Index rose to 119.9 in October 2026. Domestic motorcycle sales grew 7.9% year on year that month, slowing from 15.37% in September 2026.

“Technically, the JCI’s MACD has formed a golden cross and the stochastic RSI is strengthening around the pivot area, approaching overbought territory. The JCI is therefore expected to test the 5,100–5,200 level,” Ratna said.

According to the IDX-IC sectoral indices, the 11 sectors moved unevenly, with five rising and six falling.

Energy led the gainers, up 1.89%, followed by non-primary consumer goods, which rose 1.14%. Technology recorded the steepest decline, down 1.08%, followed by basic materials, which fell 0.75%.

The biggest share price increases were recorded by LAPD, BOBA, DCII, XBID and PTSN. The largest declines were in HRME, SOTS, TIFA, PTSP and AKSI.

Share trading reached 1.191 million transactions, with a volume of 22.20 billion shares and a value of Rp9.283 trillion. A total of 391 shares rose, 279 fell and 293 were unchanged.

Asian regional stock markets were mixed on Monday afternoon. The Kospi fell 0.81% and the Hang Seng declined 0.13%, while the Shanghai index rose 0.32%.