JCI Plunges 11% as Rupiah Hits Rp18,000: Here’s Why

Jakarta, CNBC Indonesia — The Jakarta Composite Index (JCI) came under sustained pressure in trading on Friday (16 October 2026). By 9.30am WIB, the benchmark index of the Indonesia Stock Exchange stood at 5,203.19, down 660.59 points, or 11.27%.

The JCI had opened at 5,393.92 at 9am, down 8.01%. Selling pressure intensified over the next half-hour, taking the index to its session low of 5,193.22. Its high was 5,404.51, just above the opening level.

Trading volume totalled 61.6 million lots, with transactions valued at Rp1,730.3 billion.

The index’s decline was led by the infrastructure sector, which fell more than 13.9%, followed by energy, down 11%, and basic materials, which dropped 8.7%.

Among the stocks weighing on the JCI were PT Barito Renewables Energy Tbk (BREN), PT Dian Swastatika Sentosa Tbk (DSSA), PT Bank Central Asia Tbk (BBCA), PT Chandra Asri Pacific Tbk (TPIA) and PT VKTR Teknologi Mobilitas Tbk (VKTR).

Stocks that helped cushion the decline included PT Amman Mineral Internasional Tbk (AMMN), PT Bank Mandiri (Persero) Tbk (BMRI), PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), PT United Tractors Tbk (UNTR) and PT Bank of India Indonesia Tbk (BSWD).

The rupiah was also under renewed pressure in the final trading session of the week, opening weaker against the US dollar on Friday (16 October 2026).

Refinitiv data showed the rupiah opened down 0.33% at Rp17,980 per US dollar. Just two minutes later, at 9.02am WIB, its decline had deepened to 0.45%, taking it to Rp18,000 per US dollar.

The move extended Thursday’s losses. On 15 October, the rupiah closed down 0.14% at Rp17,920 per US dollar, after earlier falling as far as Rp17,957.

Market sentiment was also affected by MSCI’s plan to change Indonesia’s equity-market classification from emerging market to standalone market.

The proposal remains under consultation and is not yet final. MSCI is inviting market participants to submit feedback until 30 April 2027, with a final decision due no later than 30 June 2027.

“MSCI will announce its final decision at the end of June 2027 and may provide interim updates on market participants’ feedback during the consultation period,” MSCI said in its announcement, quoted on Friday (16 October 2026).

MSCI said Indonesia’s emerging-market classification no longer reflected current market conditions. Its assessment was based on concerns about investability, transparency of share ownership structures, alleged coordinated trading practices and the apparent lack of meaningful impact from regulatory enforcement.

During the consultation, MSCI will also continue to freeze certain index changes for Indonesian shares. It will not increase the Foreign Inclusion Factor (FIF) or Number of Shares (NOS), add new stocks to the MSCI Indonesia Investable Market Index, or move stocks into higher index segments.

The news could make foreign investors more cautious about domestic assets. If it prompts foreign funds to leave the equity market, demand for US dollars could rise and put further pressure on the rupiah.