JCI Falls 3% in April, but Some Stocks Soar Over 100%

Jakarta, CNBC Indonesia — The Composite Stock Price Index (JCI) continues to exhibit a weakening trend over the past month. Based on exchange trading data, the index fell 3.17% throughout April 2026 to the level of 6,956.80.

This decline is inseparable from simultaneous external and domestic pressures hitting Indonesia’s capital market, creating a fairly massive negative sentiment for market participants.

However, at the same time, several stocks experienced very significant price increases. Some of them rose more than 100% and even over 200% in a single month.

Macro Pressures and Rupiah Depreciation

The current market conditions are overshadowed by global uncertainties triggered by geopolitical tensions and lingering war risks.

This situation directly impacts commodity price volatility and capital outflows from emerging markets, including Indonesia.

On the domestic side, the macroeconomic situation is also facing serious challenges. The rupiah exchange rate against the US dollar is under continuous pressure, reaching up to 17,385 per US$ based on Refinitiv data.

This currency weakening adds further pressure on companies’ financial balances that rely on imported raw materials or foreign currency-denominated debt.

The combination of global geopolitical tensions and significant rupiah depreciation has driven many investors to adopt defensive positions, reflected in the price declines of the majority of stocks across various sectors.

Stock Price Movement Anomalies

Although the market as a whole is experiencing quite severe contraction with dominance of red zones, there are several issuers that have recorded extraordinary price performances.

These issuers managed to post gains above 100% amid unfavourable macro conditions. This anomalous movement indicates that liquidity flows are still entering certain instruments outside the main index movements.

Here is the list of the top 10 issuers with the highest price increases over the past month:

Market Transaction Dynamics Amid the Downtrend

Based on the data above, BAPA stock leads the pack of issuers with the highest price increase of 213.16%. This positive trend is significantly followed by ESIP and MSIE, strengthening 185.25% and 173.17% respectively.

Overall, the top ten issuers in this list achieved increases of more than 100% in a month, a figure that contrasts with the JCI’s weakening in April, except for BAIK at 97.92%.

This phenomenon is of important note given that such price surges occurred amid high interest rates and a weakening exchange rate.

The current challenging domestic conditions force market participants to be more vigilant in monitoring daily transaction liquidity, considering the high volatility in prices of these sharply rising stocks amid ongoing macroeconomic uncertainty.