JCI Today Impacted by Aviation Fuel Prices and Global Issues
The government is committed to not raising the prices of subsidised fuels throughout 2026.
The Composite Stock Price Index (JCI) on the Indonesia Stock Exchange is likely to trade sideways on Tuesday’s session, influenced by a mix of varied domestic and global sentiments. The JCI opened with a slight gain of 11.85 points or 0.17% at 7,001.28. Meanwhile, the benchmark LQ45 index weakened by 0.06% to 707.35.
Liza Camelia Suryanata, Head of Research at Kiwoom Sekuritas Indonesia, assessed that the JCI’s movement is still in a consolidation phase with high speculative tendencies. She noted that the 6,920 level serves as a nearby strong support to withstand short-term pressures, but advised investors to adopt a wait-and-see stance.
On the domestic front, positive sentiment arises from FTSE Russell’s decision to retain Indonesia’s status as a secondary emerging market until February 2026.
Previously, the market had been concerned about a potential downgrade due to issues of share ownership transparency and free float. However, several reforms implemented are seen as mitigating factors, such as the disclosure of ownership data above 1%, publication of high shareholding concentration (HSC), and an increase in the minimum free float threshold to 15%.
Nevertheless, market participants are still awaiting the outcome of Indonesia’s index weight review by MSCI in May 2026, which could serve as a further catalyst for the market.
On the other hand, pressure is coming from the energy sector, following a significant monthly increase of up to 72.45% in avtur prices in Indonesia in April 2026.
The rise occurred at various major airports, including Soekarno-Hatta (CGK), Juanda (SUB), Ngurah Rai (DPS), Kualanamu (KNO), and Sultan Hasanuddin (UPG). For example, avtur prices at CGK rose from Rp13,656 per kilolitre to Rp23,551 per kilolitre.
A combination of global sentiments, uncertainty in global index policy directions, and energy cost pressures are causing the JCI’s movement to remain limited in the short term. Under these conditions, the market is expected to continue trading within a narrow range while awaiting stronger catalysts.