JCI Falls More Than 4% in Session I, Here’s Why
Jakarta — The Jakarta Composite Index (IHSG) fell 343.20 points, or 4.32%, to 7,596.57 at the close of the morning session trading today, Wednesday, 4 March 2026. A total of 748 shares declined, 142 did not move, and only 68 were in the green. Transaction value reached Rp 18.06 trillion, involving 33.08 billion shares in 2.09 million transactions. Market capitalisation shrank to Rp 13,545 trillion.
Citing Refinitiv, banking stocks again weighed on the IHSG. Bank Central Asia (BBCA) dragged the index by 11.84 points, Bank Mandiri (BMRI) by 10.87 points, and Bank Rakyat Indonesia (BBRI) by 9.43 points.
However, the top three drags were Telkom (TLKM) down 28.4 points, Amman Mineral International (AMMN) down 21.24 points, and Bumi Resources Minerals (BRMS) down 19.42 points.
The correction in the IHSG came as Fitch Ratings revised Indonesia’s credit rating outlook to negative from stable, while keeping the sovereign rating at BBB, still within the investment grade category. Fitch said the change in outlook reflects rising policy uncertainty and concerns about the consistency and credibility of the government’s forthcoming policy mix.
Nevertheless, Fitch kept Indonesia’s rating at BBB, supported by a track record of macroeconomic stability, relatively strong growth, and a government debt ratio that remains moderate compared with peers at a similar rating.
In other developments, global oil prices rose again in early trading on Wednesday morning as tensions between the United States and Israel over Iran began to affect supply and distribution of energy in the Middle East. As of 10:00 WIB, Brent Crude traded at US$82.03 per barrel, while West Texas Intermediate (WTI) was US$74.95 per barrel.
On a daily basis, Brent edged higher from Tuesday’s close at US$81.40 per barrel. Over the week, the rally appears sharp: on 24 February 2026, Brent traded around US$70.77 per barrel.
Oil prices have heated up as Israel announced in the early hours of Wednesday that it had launched a broad wave of attacks against Iran, targeting missile launch sites, air defence systems, and additional Iranian infrastructure.
In diplomatic developments, Trump also escalated tensions with Western allies. He threatened to cut all trade ties with Spain after Madrid refused to allow the U.S. military to use its bases for missions related to attacks on Iran. Trump also voiced his discontent with British Prime Minister Keir Starmer for not joining in the attack on Iran, despite allowing U.S. troops to use British bases. “This is not the Winston Churchill we are facing,” Trump said, referring to Starmer.
Meanwhile, the war’s impact continued to spread in the region. Lebanon’s Health Ministry said Israeli strikes on two southern Beirut towns killed six people and wounded eight others. Aramoun and Saadiyat lie outside Hizbollah’s traditional bases. The United Nations reported at least 30,000 people have fled Lebanon due to intensified Israeli airstrikes.
On the military front, the U.S. Department of Defence on Tuesday identified four of the six American service members who were killed in the weekend drone attack on a U.S. base in Kuwait. U.S. President Donald Trump said more personnel might die before the war ends. He also claimed that Iran had intended to strike first before Washington acted, revising his earlier remarks by Foreign Secretary Marco Rubio that Israel had provoked the war.
“Their intent to strike first appears likely,” Trump said, adding that he might have compelled Israel to act.
The death toll continued to rise on both sides. The Iranian Red Crescent said at least 787 people had died since the conflict began. The deadliest mass casualty event so far was an attack on a girls’ primary school in Minab on Saturday, which killed up to 168 people.
Iran itself continued to fire dozens of ballistic missiles at Israel, though many were intercepted by air defences. To date, 11 people in Israel have been reported killed since the conflict began.
The crisis also prompted military moves by European states. French President Emmanuel Macron ordered the nuclear-powered aircraft carrier Charles de Gaulle to shift from the Baltic Sea to the Mediterranean to help protect allied assets. The carrier will be escorted by a destroyer and its air wing.