JCI Weakens, Mining Stocks Under Pressure

The Composite Stock Price Index (JCI) on the Indonesia Stock Exchange (BEI) closed lower by 204.9 points or 2.86% at the level of 6,969.40 at the end of trading on Friday, 8 May 2026. MNC Sekuritas analyst Herditya Wicaksana stated that the JCI correction aligns with the weakening of most global stock exchanges amid external sentiment and pressure on mining-based stocks. “This is in line with the majority of global and regional Asian exchanges that corrected, caused by the US (United States) and Iran negotiations that have not yet found a middle ground. And if you look at the rupiah exchange rate against the US dollar, it has weakened again,” said Herditya, as quoted from Antara. Herditya explained that technically, the JCI still has the potential to continue weakening. In addition to global factors, the biggest pressure also comes from metal mining issuers following the government’s proposal to increase royalties on minerals and coal (minerba) to increase state revenues. The government through the Ministry of Energy and Mineral Resources (ESDM) proposed a new progressive royalty scheme for several major mineral commodities. “This scheme includes an increase in the upper limit of royalties as well as adjustments to price ranges to optimise state revenues when commodity prices rise,” said Herditya. In the proposal, the copper concentrate royalty was revised from the previous flat 7-10% to 9-13%. Meanwhile, the copper cathode royalty increases from 4-7% to 7-10%. Gold royalty is also proposed to increase from 7-16% to 14-20%, accompanied by an additional new price range up to above 5,000 US dollars per ounce. Meanwhile, silver royalty changes from a flat 5% to progressive 5-8%. Then tin royalty increases from 3-10% to progressive 5-20%. For nickel ore, the royalty rate remains in the range of 14-19%. However, the price interval is adjusted lower so that the rate increase could occur more quickly. This sentiment is reflected in the decline of the commodity raw materials sector or IDXBASIC by 7.80%, followed by the energy sector or IDXENERGY down 4.59%. Then the transportation sector or IDXTRANS weakened by 5.72%. Throughout the trading session, there were 138 stocks that strengthened, 607 stocks weakened, and 214 stocks were stagnant. The market capitalisation of the Indonesia Stock Exchange was recorded at Rp 12,405 trillion. Trading activity recorded 54.39 billion shares changing hands through 2.8 million transactions. Meanwhile, the transaction value was recorded at Rp 36.07 trillion.