JCI Drops 3.34 Per Cent at Start of Session; Investors to Monitor BUMI and MINA Stocks

The Indonesia Composite Index (JCI) plummeted sharply at the start of trading on Monday (18/05/2026). The index fell to the 6,498.529 level, representing a decline of 224.790 points, or 3.34 per cent.

According to data from the Indonesia Stock Exchange (IDX), the JCI opened at 6,628.976 and briefly reached a high of 6,631.282. However, massive selling pressure caused the index to continue sliding, hitting a low of 6,496.493.

Last week proved to be one of the most challenging phases for the domestic stock market so far this year. The JCI closed significantly lower at the 6,723 level, amidst simultaneous global and domestic pressures.

The primary market narrative is no longer merely related to valuations or corporate performance, but rather how global investors are repositioning their portfolios in response to major changes in the MSCI index.

“The decision by MSCI to remove several large-cap stocks, such as AMMN, BREN, TPIA, DSSA, and CUAN, from the Global Standard Index serves as the main catalyst for increased selling pressure in the domestic market,” said Imam.

He noted that foreign investors have begun adjusting their positions ahead of the effective rebalancing date at the end of May 2026. This situation has triggered a fairly aggressive wave of passive outflows.

Furthermore, expectations for interest rate cuts by the US Federal Reserve have receded. Some market participants are even considering the possibility of additional interest rate hikes by the end of the year.

“This situation has caused the US Dollar to continue strengthening, putting pressure on emerging market currencies, including the Rupiah, which recently hit a new low of Rp 17,520 per US Dollar,” he explained.

Simultaneously, geopolitical conflicts in the Middle East and disruptions to global energy distribution routes due to the Strait of Hormuz crisis have pushed global oil prices above 105 US Dollars per barrel.