JCI Plunges 1.75% in First Session as Sell-Off Intensifies

The Jakarta Composite Index (JCI) slumped deeper on Friday, with a sell-off in large-capitalisation banking stocks pushing the benchmark down nearly 2% by the first session close. The index ended the morning at 6,204.63, a drop of 111 points or 1.75%, with 594 stocks declining, only 80 advancing, and 115 remaining unchanged.

External pressures continued to weigh heavily on market sentiment. The global outlook darkened after US President Donald Trump imposed new import tariffs of 10%-12.5% on 60 trading partners, including Indonesia, raising fears of a slowdown in global trade. Simultaneously, escalating conflict in the Middle East drove Brent crude oil prices above US$100 per barrel, hitting a two-month high and stoking concerns that persistent inflation could force central banks to maintain higher interest rates for longer.

The sell-off was particularly acute in the banking sector, which had already been targeted by foreign investors in the previous session. On Thursday, foreign investors recorded a net sell of approximately Rp920.3 billion in the regular market, with major banks such as BBCA, BBRI, BMRI, and BBNI bearing the brunt of the divestment. This selling pressure continued into Friday, dragging the index lower. Stocks including BMRI, AMMN, BREN, BRPT, BRMS, and BUMI were among the heaviest drags on the JCI during the first session, with all sectors trading in negative territory. The combination of external headwinds and sustained domestic selling prompted market participants to reduce their exposure to risky assets.