JCI Reverses Course as Conglomerate Stocks Weigh Down Index
The Jakarta Composite Index (JCI) was not as resilient as it was this morning, when it was bolstered by acquisition rumours surrounding PT Bayan Resources Tbk (BYAN). During midday trading this Friday (18/9/2026), the JCI reversed course and weakened.
According to IDX Mobile data, the JCI closed the first session down by 22.69 points, or 0.35%, to the level of 6,439.74. The index had previously touched a high of 6,521 and a low of 6,433 during the course of trading up until midday.
A total of 213 stocks strengthened, 429 stocks declined, and 321 stocks remained stagnant. Transaction value reached approximately Rp 7.5 trillion, with a trading volume of 14.4 million shares.
Citing Refinitiv data, the largest sectors dragging down the JCI were healthcare, which fell by 1.5%, followed by the financial sector, down 1.4%, and real estate, which dropped 0.9%.
Stocks acting as a drag on the JCI included PT Bank Central Asia Tbk (BBCA), PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), PT Bank Mandiri (Persero) Tbk (BMRI), PT Amman Mineral Internasional Tbk (AMMN), and PT Bank Negara Indonesia (Persero) Tbk (BBNI).
Conversely, stocks supporting the index’s correction included PT Bayan Resources Tbk (BYAN), PT DCI Indonesia Tbk (DCII), PT Impack Pratama Industri Tbk (IMPC), PT Mitra Adiperkasa Tbk (MAPI), and PT Merdeka Battery Materials Tbk (MBMA).
Earlier this morning, the JCI opened in the green, rising 0.76% to 6,511.5, supported by BYAN, which surged 19.96% to Rp 13,835, along with several other companies affiliated with businessman Haji Isam.
Several external indicators have begun to provide room for risky assets, following a decline in oil prices and US Treasury yields, while Wall Street managed a rebound during Thursday’s trading.
Wall Street closed higher, with the Dow Jones rising 0.61%, the S&P 500 gaining 1.14%, and the Nasdaq Composite jumping 1.69%. This strength occurred alongside falling Treasury yields and oil prices, although markets continue to monitor the direction of Federal Reserve policy and geopolitical developments in the Middle East.
Brent crude prices also corrected by approximately 1% to US$104.82 per barrel, while WTI oil fell to US’101.91 per barrel. Nevertheless, oil prices remain above US$100 per barrel due to the high risk of supply disruptions stemming from the Middle East conflict.
The market continues to monitor the escalation of the conflict between Saudi Arabia and the Iran-backed Houthi group. Both sides engaged in attacks again on Thursday, heightening concerns regarding energy trade routes in the region.
Ship traffic through the Strait of Hormuz has also dropped sharply, with only three commercial vessels recorded passing through on Wednesday, compared to a 10-day average of 17 ships.
On the other hand, US jobless claims fell to 196,000, lower than the expected 208,000, indicating that the US labour market remains relatively strong. This condition is being closely watched by investors as it may influence expectations regarding the direction of Federal Reserve monetary policy.
From Europe, the Bank of England (BoE) maintained interest rates at 3.75%, even though UK inflation rose to 3.1% in August. The BoE also highlighted the risk of rising energy prices due to the Middle East conflict.
Meanwhile, market attention in Asia is focused on Japan. August inflation data will be released this morning before the Bank of Japan (BoJ) announces its interest rate decision. The market anticipates that the BoJ will raise interest rates by 25 basis points to 1.25%. This decision has the potential to influence the movement of the yen, Japanese bonds, and the flow of Japanese investor funds in global markets.