JCI Plunges to 7,129 Amid Rupiah Weakness Sparking Market Concerns
Jakarta, VIVA - The Jakarta Composite Index (JCI) has yet to emerge from its correction trend ahead of the weekend. The JCI plunged 3.38 per cent or 249.12 points to 7,129.49 at the close of trading on Friday, 24 April 2026.
Based on observations from VIVA on Stockbit, the JCI decline began from the market open, where the index fell to the 7,324 level. Although it briefly rebounded to 7,366, the index corrected more deeply, even touching the 7,120 area towards the end of the trading session today.
All stock sectors closed in the red, led by a 4.27 per cent drop in the cyclical consumer sector, followed by the energy sector collapsing 4.22 per cent and the infrastructure sector slumping 4.08 per cent. The property sector weakened 3.89 per cent, the industrial sector shrank 3.47 per cent, the transportation sector fell 3.31 per cent, and the non-cyclical consumer sector weakened 3.08 per cent.
Further declines affected the raw materials sector by 2.76 per cent, the technology sector eroded 2.63 per cent, the financial sector declined 2.27 per cent, and the health sector fell 1.52 per cent.
“This weakness is triggered by concerns over Indonesia’s economic prospects amid high crude oil prices and the rupiah’s depreciation, which closed stronger by 0.33 per cent at Rp17,229 per US dollar in the spot market,” stated an Analyst from Phintraco Sekuritas, quoted from the daily research on Friday, 24 April 2026.
The Phintraco Sekuritas Analyst highlighted geopolitical uncertainties due to conflicts in the Middle East and the closure of the Strait of Hormuz, which are pushing crude oil prices to remain high longer than previously anticipated. The extension of the ceasefire between Israel and Lebanon for three weeks is not strong enough to ease market concerns.
“Investors are increasingly doubting the potential for the US and Iran to return to the negotiating table in the near term amid conflicts around the Strait of Hormuz,” added the Phintraco Sekuritas Analyst.
From a technical perspective, the Phintraco Sekuritas Analyst assessed that the JCI has broken down from the 20-day moving average (MA20) level. The positive MACD histogram is narrowing and has the potential to form a Death Cross, with a gap down in the JCI around the 7,022 level.
Although the JCI tumbled to touch the 7,100 level, several issuers in the LQ45 blue-chip stocks managed to record slight gains at the end of trading today. Here are the three top gainers in the LQ45.