JCI Surges 3.22% Again, Driven by Big Banks and Conglomerate Stocks

The Jakarta Composite Index (JCI) soared again in trading on Wednesday (10/6/2026), extending a rally after recovering from selling pressure that had battered the market recently. Based on trading data at around 09.54 WIB, the JCI surged 3.22%, or 184.82 points, to 5,931.47. A total of 554 stocks rose, 142 fell, and 112 were unchanged. The index’s early session rise was accompanied by relatively busy transaction activity, with trading volume reaching around 14.58 billion shares, a transaction value of Rp10.19 trillion, and trading frequency hitting 1.01 million times. The most actively traded stocks included BBCA, TPIA, BBRI, BMRI, and BRPT. Technically and psychologically, this week’s sharp rebound reflects bargain-hunting action and a thorough shift in sentiment, with the market appreciating various policies and meetings held by stakeholders. Almost all trading sectors strengthened, with only healthcare contracting. The infrastructure sector surged 4.22%, energy strengthened 3.9%, and the financial sector appreciated 3.21%. Banking issuers, large-cap blue chips, and conglomerate stocks collectively drove the JCI’s performance. Bank Central Asia (BBCA) was the backbone of the day’s rise, contributing 30.54 index points, followed by DCI Indonesia (DCII) with a 16.36-point contribution. Three state-owned bank association (Himbara) members, which received positive sentiment regarding a buyback option, also surged again. Bank Rakyat Indonesia (BBRI), Bank Mandiri (BMRI), and Bank Negara Indonesia (BBNI) cumulatively contributed a 31 index-point rise. Several conglomerate issuers also helped lift the JCI, including DSSA, BRPT, BREN, IMPC, and BYAN. The Indonesian financial market still faces dynamics ranging from war to investors continuing to monitor domestic fiscal resilience and global macroeconomic developments. Asian markets opened weaker after rising geopolitical tensions in the Middle East following United States military strikes against Iran. South Korea’s Kospi led the decline, falling more than 2%, while Japan’s Nikkei 225 dropped 0.71%. US stock futures were also in negative territory. Pressure emerged after the US military launched what it called a ‘self-defence strike’ against Iran in response to the downing of a US Army Apache helicopter a day earlier. Domestically, PT Pertamina officially adjusted non-subsidised fuel prices starting Wednesday, just 10 days after the government raised them on 1 June. Pertamax (RON 92) was raised to Rp16,250 per litre in Jakarta and surrounding areas, a jump of Rp3,950. The market is also digesting news regarding the share buyback plan by state-owned bank issuers. Deputy Speaker of the House of Representatives Sufmi Dasco Ahmad held a coordination meeting with Himbara bank directors and officials to discuss the turbulent stock market, specifically the weakening trend in state-owned banking stocks. Dasco stated that the state-owned banks have solid operational fundamentals and performance track records, with the decline driven more by negative global market sentiment. The meeting discussed the opportunity and right momentum for banks to conduct buybacks of their corrected shares.