JCI Falls 0.8% Today, Here's Why

The Jakarta Composite Index (JCI) closed in the red today, Thursday (18/6/2026). The JCI trimmed its correction at the end of trading after previously plunging 2% in session 1. The JCI closed at 6,172.34, down 48.4 points or -0.78%.

For context, the JCI had fallen more than 2% and touched a daily low of 6,073.72. Towards the end of session 1, the JCI pared its losses and briefly touched the day’s high of 6,197.17.

A total of 445 stocks declined, 271 advanced, and 243 were unchanged. Transaction value reached Rp 17.86 trillion, involving 23.55 billion shares in 1.78 million transactions. Market capitalisation eroded to Rp 10,740 trillion.

Citing Refinitiv, three stocks were the main drags: Bank Rakyat Indonesia (BBRI) -18.82 points, Telkom Indonesia (TLKM) -18.79 points, and Bank Central Asia (BBCA) -18.74 points. Additionally, Mora Telematika (MORA), Capital Financial (CASA), Bank Negara Indonesia (BBNI), and Bank Mandiri (BMRI) were also among the top laggards in today’s trading.

Today, the Bank Indonesia Board of Governors Meeting decided to raise the BI-Rate by 25 basis points to 5.75%. In line with this, the Deposit Facility rate was raised by 25 bps to 4.75%, and the Lending Facility rate by 25 bps to 6.50%.

Bank Indonesia Governor Perry Warjiyo revealed the reason the board of governors decided to raise the benchmark interest rate again. He said the main reason for the policy, enacted during the board meeting on 17-18 June 2026, was to strengthen the rupiah exchange rate against the US dollar. “This increase is a further step to strengthen the rupiah exchange rate amid high global uncertainty,” Perry said during an online press conference.

Perry stressed that this monetary policy is also based on BI’s efforts to curb inflationary pressure in line with this year’s target range of 1.5% to 3.5%. “And this is a step to keep inflation within the target range of 2.5% plus minus 1% set by the government,” he explained.

Referring to Refinitiv data, the rupiah closed up 0.17% or appreciated to Rp17,700/US.Thisstrengtheningreversedtherupiah′spositioncomparedtothepreviousclose.OnWednesday(17/6/2026), therupiahhadcloseddown0.23. Throughout today’s trading, the rupiah actually started the day in the red. The Garuda currency opened sharply weaker, down 0.62% to Rp17,840/US$.

Market participants are currently awaiting the announcement of the MSCI Global Market Accessibility Review, scheduled for release early tomorrow morning, Friday (19/6/2026). The results of this annual review have massive implications as it evaluates the accessibility level of capital markets in various countries along with the quality of their market infrastructure.

For the Indonesian equity market, tomorrow’s early morning announcement is always a crucial focus. Any adjustment to market classification methodology, special treatment of equity instruments, or review related to regulations on public share weighting limits or free float rules will have a structural impact on the portfolio composition of global passive mutual funds. This decision has the potential to trigger adjustments in investment positions with large transaction volumes. It also has the potential to create liquidity volatility and share price fluctuations for mega-cap stocks on the Indonesia Stock Exchange at the end of the week’s trading.

In addition to the Accessibility Review, MSCI will also soon release the MSCI Annual Market Classification Review early next Wednesday morning (24/6/2026). This release will be decisive for the Indonesian equity market regarding whether Indonesia will remain in the Emerging Market category or, in the worst-case scenario, could be downgraded to Frontier Market, as feared by investors in recent months since MSCI circulated a notification regarding market transparency on Wednesday (28/1/2026).