One-Day-a-Week WFH Policy: Does It Affect the JCI?

JAKARTA, KOMPAS.com - The government’s decision on working from home (WFH) for civil servants (ASN) every Friday has caught the attention of capital market players. Amid the technical recovery of the Composite Stock Price Index (JCI), the policy is seen as carrying a deeper implicit message, namely potential pressure on the energy sector that could influence the market’s direction going forward. Capital market observer Reydi Octa assesses that the ASN WFH policy does not impact the current JCI movement. “The ASN WFH policy every Friday does not have a significant direct impact on the stock market, but indirectly it can reflect the government’s efforts to maintain efficiency (fuel consumption),” Reydi told Kompas.com on Wednesday (1/4/2026). According to him, the WFH impact is more felt in certain sectors such as transportation, daily consumption, and retail, which may experience activity adjustments, especially towards the weekend. Nevertheless, its influence on the overall index is considered limited. “The impact on the market is more to certain sectors like transportation, daily consumption, and retail which may experience activity adjustments at the weekend, although it is limited in nature and not the main driver of the JCI,” he explained. Furthermore, the implementation of WFH is not limited to the public sector. Encouragement for the private sector to do the same as part of energy efficiency signals that global risks, particularly related to the energy crisis due to the escalation of the Middle East conflict, are beginning to affect real economic activity in the country. Investment Specialist at PT Korea Investment and Sekuritas Indonesia (KISI), Azharys Hardian, assesses that reducing routine mobility on Fridays could potentially suppress fuel consumption, up to the revenue of issuers in the land transportation and logistics provider fields. For example, PT Blue Bird Tbk (BIRD). However, he considers the impact to still be marginal and not strong enough to become the main catalyst for JCI movement. “Reducing routine mobility on Friday can suppress the daily fuel consumption volume and revenue of land transportation issuers, such as Blue Bird or logistics providers. However, the scale is still marginal,” Azharys told Kompas.com. On the other hand, the WFH policy could potentially provide positive sentiment for the digital and telecommunications sectors. Increased remote work activity drives data and connectivity needs, so psychologically it can maintain sentiment towards stocks like PT Telkom Indonesia Tbk (TLKM), PT Indosat Tbk (ISAT), and PT XL Axiata Tbk (EXCL).