JCI Surges 5.6% at Market Close

Jakarta, CNBC Indonesia — Indonesia’s Composite Stock Price Index (JCI) posted a significant gain in trading today. It closed at 5,278.89, up 282.28 points, or 5.65%.

Although the JCI opened at 4,980.16, slightly below the previous close, it moved higher and briefly surged at the start of the session before fluctuating between 5,100 and 5,200 during the morning session.

Buying pressure strengthened in the afternoon session. The index climbed steadily, broke through 5,200 and continued rising towards the close. It finished at the day’s high of 5,278.89.

Trading activity was brisk, with total volume of 546.64 million lots and transaction value of around Rp25,104.42 billion, or approximately Rp25.1 trillion.

Market participants are expected to keep a close eye on responses by the Indonesia Stock Exchange (IDX), the government and Danantara to MSCI’s announcement, share buy-backs by several conglomerate-listed companies, and President Prabowo Subianto’s directives to strengthen enforcement of capital-market rules.

In response to MSCI’s announcement last week, which raised the possibility of Indonesia’s equity market being downgraded from Emerging Market to Standalone Market status, the IDX announced two new initiatives on Monday (19 October 2026). First, disclosures of shareholdings above 1% will include information on shareholders’ affiliations with the company. Second, all shares on the High Shareholding Concentration (HSC) list will be excluded from the JCI calculation, with the effective date to be announced shortly.

IDX President Director Jeffrey Hendrik said HSC-listed shares currently account for 18% of the JCI. They will not be delisted and will remain tradable, and may be included in the index calculation again if they are removed from the HSC list. The IDX also stressed that companies on the list would face no additional sanctions. The measures build on earlier reforms, including disclosure of shareholders with stakes above 1%, more detailed investor data, higher free-float requirements and the removal of the Rp50 minimum share price.

MSCI has continued to raise concerns about ownership transparency and suspected coordinated trading, and has called for evidence of consistent enforcement. The reclassification consultation will run until April 2027, with a final decision due by 30 June 2027 at the latest. The concerns contributed to the JCI plunging 11.57% on Friday (16 October 2026), followed by a further 3.64% fall to 4,996.61 on Monday.

Meanwhile, Danantara COO and Head of the State-Owned Enterprises Agency Dony Oskaria said Danantara was ready to increase its holdings in fundamentally strong state-owned companies. After being summoned to the State Palace, Dony described the JCI’s weakness as normal market dynamics and said plans to demutualise the IDX formed part of the capital market’s transformation.