JCI Opens Down 2%: What’s Behind the Fall
Jakarta, CNBC Indonesia — The Jakarta Composite Index (JCI) came under heavy selling pressure at the start of trading on Thursday (22 October 2026), standing at 5,217.14, down 111.22 points or 2.09%.
Trading volume reached 8.75 million lots, with a total transaction value of Rp408.56 billion.
According to Refinitiv data, the JCI’s decline was driven by losses in the basic materials sector, which fell 1.5%, followed by technology, down 1.1%, and financials, down 0.8%.
Among the stocks weighing on the index were PT Bank Central Asia Tbk (BBCA), PT Sinar Mas Multiartha Tbk (SMMA), PT Mora Telematika Indonesia Tbk (MORA), PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) and PT Astra International Tbk (ASII).
Stocks supporting the JCI included PT Metro Healthcare Indonesia Tbk (CARE), PT Sumber Alfaria Trijaya Tbk (AMRT), PT Aneka Tambang Tbk (ANTM), PT Barito Renewables Energy Tbk (BREN) and PT Golden Flower Tbk (POLU).
On Thursday, market participants will be watching a number of significant developments at home and abroad.
These include Bank Indonesia’s (BI) decision to keep its benchmark interest rate unchanged, alongside several new policies aimed at encouraging banks to increase lending.
Investors are also focusing on President Prabowo Subianto’s remarks at a plenary Cabinet meeting, including his response to the possibility that MSCI could downgrade the classification of Indonesia’s stock market.
Abroad, a renewed rise in UK inflation and a surge in French government bond yields are among the factors to watch.
President Prabowo Subianto has responded to global index provider MSCI’s statement that it may change Indonesia’s stock-market classification from Emerging Market to Standalone Market. Prabowo described MSCI’s statement as pressure intended to intimidate Indonesian market participants.
“There are still many disruptions; we keep facing all sorts of obstacles. There’s MSCI and various other things—they want to scare us,” Prabowo said, as quoted by CNBC Indonesia on Wednesday (21 October 2026).
MSCI is reviewing the possibility of reclassifying Indonesia from an emerging market to a standalone market. The proposal remains under consultation with market participants until April 2027, with a final decision due to be announced no later than 30 June 2027.
Despite the significant pressure on the stock market, Prabowo stressed that Indonesia would not be deterred by these challenges.
Market participants will also continue to monitor the capital-market reforms being implemented by Indonesian authorities, particularly those concerning share-ownership transparency and enforcement of trading rules. These measures are in focus ahead of MSCI’s final decision in June 2027.