JCI Plunges, Analysts Reveal the Causes

The Jakarta Composite Index (JCI) reversed course to weaken by nearly 3% in the first trading session ahead of the weekend, after opening stronger. The decline occurred amid selling pressure that dominated the majority of shares on the Indonesia Stock Exchange (BEI). At the end of the first session, the JCI fell 2.73% or 164 points to 5,835.11. During today’s trading, the index touched a high of 6,045 before turning downwards to hit a low of 5,830. Doo Financial Sekuritas analyst Lukman Leong said the weakening of the Indonesian stock market today was due to global risk sentiment triggering a sell-off in the artificial intelligence and technology sectors. ‘I see this decline following the global risk-off sentiment from the AI and tech stock sell-off,’ he told CNBC Indonesia on Friday (26/6/2026). According to him, the influence of this sentiment was quite strong as it affected major Asian bourses and United States index futures. Moreover, the MSCI announcement still makes investors, especially foreign ones, hesitant to return given the risk of a downgrade next November. MNC Sekuritas analyst Herditya similarly stated that the JCI’s correction was in line with the movement of the majority of regional Asian bourses, which were corrected due to a sell-off in technology issuers. ‘This JCI correction is in line with what we conveyed in the technical report this morning, where technically the JCI’s movement is still in a downtrend phase,’ he said when contacted by CNBC Indonesia. Another sentiment is that investors tend to wait and see regarding the Fed’s future decisions, which are leaning towards higher for longer. On the other hand, JCI sentiment also stems from commodity prices, which can be observed due to corrections in crude oil and gold prices that are expected to affect the movement of correlated issuers.