JCI Falls Back to 6,100 Level, Here's Why It Plunged Over 2%

The Jakarta Composite Index (JCI) plunged more than 2% in early trading on Friday (24/7/2026) amid heavy selling of large-capitalisation stocks, particularly in the banking sector. External sentiment, including new tariff policies from United States President Donald Trump and a spike in global oil prices above US$100 per barrel, also encouraged investors to reduce their exposure to risky assets. As of 09:26 Western Indonesia Time, the JCI had tumbled 125.92 points, or 1.99%, to 6,189.39. A total of 556 stocks declined, only 99 advanced, and 310 were unchanged. Trading value reached Rp4.37 trillion with a volume of 9.79 billion shares in 608,200 transactions, reflecting intense selling pressure from the opening session. The financial sector was the biggest drag on the index, falling 1.44%, followed by utilities, which dropped 0.92%, and non-primary consumer goods, which slipped 0.71%. In contrast, the property sector managed to strengthen by 5.41%, followed by energy, up 1.09%, and industrials, which gained 0.76%. Among individual stocks, PT Bank Mandiri (Persero) Tbk (BMRI) was the largest detractor, shaving 11.97 points off the index. It was followed by PT DCI Indonesia Tbk (DCII), PT Bank Central Asia Tbk (BBCA), PT Amman Mineral Internasional Tbk (AMMN), PT Telkom Indonesia (Persero) Tbk (TLKM), PT Barito Renewables Energy Tbk (BREN), PT Barito Pacific Tbk (BRPT), PT Bank Negara Indonesia (Persero) Tbk (BBNI), PT Bumi Resources Minerals Tbk (BRMS), and PT Dian Swastatika Sentosa Tbk (DSSA). Pressure on banking stocks had already been evident in the previous session. On Thursday (23/7), foreign investors recorded a net sell of approximately Rp920.3 billion in the regular market, with selling concentrated on major bank stocks such as BBCA, BBRI, BMRI, and BBNI. Externally, negative sentiment continued to dominate after President Donald Trump officially imposed new tariffs of 10% to 12.5% on 60 trading partners, including Indonesia. At the same time, escalating conflict in the Middle East pushed Brent crude oil prices up sharply, closing at US$100.69 per barrel and breaching the US$100 psychological level for the first time in two months. The surge in oil prices fuelled concerns that global inflation could rise again, increasing the likelihood that central banks will maintain high interest rates for longer. The combination of geopolitical tensions, rising energy costs, and foreign selling of banking shares prompted market participants to adopt a cautious stance at the start of trading.