JCI Closes Lower, Led by Basic Materials Sector

The Indonesia Composite Index (JCI) on the Indonesia Stock Exchange (IDX) closed lower on Wednesday afternoon, led by stocks in the basic materials sector. The JCI fell by 52.18 points, or 0.82 per cent, to the 6,318.50 level, while the LQ45 index of 45 blue-chip stocks declined by 4.14 points, or 0.65 per cent, to 630.68.

“The JCI closed weaker in Wednesday’s trading after moving fluctuated throughout the session,” said Ratna Lim, Head of Research at Phintraco Sekuritas, in her analysis in Jakarta. After opening in the negative, the index remained in negative territory through the end of the first session and stayed in the red until the market close.

According to the IDX-IC Sectoral Index, nine sectors declined. The basic materials sector saw the deepest decline at 4.60 per cent, followed by the transportation and logistics sector and the energy sector, which fell by 4.34 per cent and 2.63 per cent, respectively. The stocks that saw the largest gains were LCKM, SURE, APIC, INTD, and MORA, while the largest decliners were RELI, TPIA, WBSA, ASPR, and SMMT.

Trading frequency was recorded at 2,476,561 transactions, with 41.12 billion shares traded worth Rp 22.35 trillion. A total of 208 stocks rose, 483 declined, and 126 remained unchanged.

In the regional Asian markets, the Nikkei index fell 808.59 points or 1.34 per cent to 59,742.00, the Shanghai index dropped 7.35 or 0.18 per cent to 4,162.18, the Hang Seng index declined 146.73 points or 0.57 per cent to 25,651.12, and the Straits Times index fell 26.45 points or 0.52 per cent to 5,045.80.

Domestically, Ratna noted that market participants were responding to President Prabowo Subianto’s speech at the DPR Plenary Session, where he presented the Macroeconomic Framework and Fiscal Policy Principles (KEM-PPKF) for the 2027 State Budget Draft. During the speech, the President announced a government plan to mandate the export of natural resource commodities through state-owned enterprises (SOEs) appointed as sole exporters. Additionally, the President instructed the State-Owned Bank Association (Himbara) to lower credit interest rates for small-scale borrowers.

Meanwhile, Bank Indonesia raised the BI Rate by 50 bps to 5.25 per cent during the May 2026 Board of Governors Meeting, exceeding the consensus expectation of 5 per cent. This hike in the BI-Rate prompted the Rupiah to strengthen by 0.29 per cent to the level of Rp 17,654 per US dollar.