JCI Falls to a Six-Year Low: Key Turning Points

Jakarta, CNBC Indonesia — The Jakarta Composite Index (JCI) came under heavy pressure again on Friday (16 October 2026).

Indonesia’s benchmark share index briefly fell by more than 10%, touching 5,193.22, its lowest level in about six years, or since September 2020.

Refinitiv data show that this level was close to the JCI’s position on 4 September 2020, when it briefly reached 5,188.61. This means Indonesia’s share index has returned to a range last seen when the Covid-19 pandemic was spreading.

The latest pressure came amid investor concerns that MSCI (Morgan Stanley Capital International) could downgrade Indonesia’s stock market from Emerging Market to Standalone Market. The JCI had earlier fallen by more than 8%, triggering a temporary trading halt.

Over the past six years, the JCI has come under pressure several times because of major events, from the pandemic and geopolitical conflicts to trade wars and policy uncertainty.

On 24 March 2020, the JCI briefly touched 3,911.72, its lowest point that year, as markets panicked over the Covid-19 pandemic.

After gradually recovering, the share market faced renewed uncertainty in 2022 amid the Russia-Ukraine war and global interest-rate rises to curb inflation.

Severe pressure returned on 8 April 2025, when the JCI reached 5,882.61 amid global market turmoil caused by US President Donald Trump’s import tariff policies.

In 2026, the JCI fell sharply again, reaching 5,317.91 on 8 June before setting a new low of 5,193.22 on 16 October.

Unlike the pandemic-driven pressure in 2020 or the trade-war turmoil in 2025, the latest decline has been overshadowed by concerns about an MSCI review that could affect Indonesia’s standing in global share indices and foreign investor fund flows.

Refinitiv data show that the 5,193.22 level reached in trading today is also the JCI’s lowest point for the period from 2022 to October 2026.

Here are the JCI’s 10 lowest points during that period, based on daily intraday lows.