JCI Opens 1.51% Lower on Thursday at 5,247

Indonesia’s stock market slumped again at the opening of trading on Thursday, 22 October 2026.

The Jakarta Composite Index (JCI) on the Indonesia Stock Exchange (IDX) opened down 80.38 points, or 1.51%, at 5,247.98 at 9am local time. The LQ45 index, which tracks 45 leading shares, also dropped 10.46 points, or 1.95%, to 525.30.

On Wednesday, the JCI had rebounded by 0.94% to 5,328.36, but the gains proved short-lived.

IDX data as of 9.01am showed selling pressure intensifying. The JCI briefly touched 5,185.52 and was recorded down 2.51%, or 133.86 points, at 5,194.49.

A total of 517 shares fell, 54 rose and 108 were unchanged. Transaction value reached Rp1.99 trillion, involving 4.06 billion shares. Market capitalisation fell to Rp9,197 trillion.

Big-cap stocks were among the main drags. PT Ekamas Mora Republik (MORA) fell 5.35% to Rp3,010, Chandra Asri (TPIA) dropped 4.85% to Rp1,275, Petrindo (CUAN) lost 4.95%, and AMMN declined 3.74%.

Two suspected reasons behind the decline

MSCI concerns linger

MSCI has opened a public consultation on downgrading Indonesia’s capital market from Emerging Market to Standalone Market, two tiers below its current status. It has set a deadline ahead of its November 2026 review, raising concerns among foreign investors.

Foreign investors continue to sell

Despite Wednesday’s gains, foreign investors recorded net sales of Rp528 billion. The most heavily sold shares were BMRI, ANTM, TLKM, BBRI and AADI.

BNI Sekuritas analyst Fanny Suherman said the JCI was expected to move sideways with a downward bias, with support at 5,150–5,200 and resistance at 5,400–5,480.

BRI Danareksa said bearish pressure had not yet eased, as the MACD indicator remained in negative territory.

Nevertheless, a technical rebound could be possible if the JCI managed to hold above the psychological support level of 5,200. Investors were advised to remain cautious and avoid FOMO.