Selling Pressure Eases as JCI Surges 5%
The Jakarta Composite Index (JCI) surged during trading on Tuesday (9/6/2026). At the close of the first trading session, the JCI jumped 4.82%, gaining 257 points to reach the 5,599.74 level. During intraday trading, the index even breached the 5% mark, reaching a peak of 5,627.
The volatile movement of the JCI this week indicates that the domestic market is still in a phase of seeking equilibrium following heavy selling pressure that hit the market in recent sessions. Technically and psychologically, the sharp rebound at the opening reflects bargain hunting activity rather than a complete shift in overall market sentiment.
The surge in the JCA was primarily supported by large-cap stocks, which provided the largest contribution to the index. Bank Rakyat Indonesia (BBRI) was the main pillar of the JCI’s performance, contributing 26.66 index points. PT Telkom Indonesia Tbk (TLKM) was also a major driver with a contribution of approximately 22 points, followed by Bank Mandiri (BMRI) at +18.77 points, Bank Central Asia (BBCA) at +18.73 points, and Astra International (ASII) at +9.97 points.
This phenomenon indicates that the market is beginning to view the valuations of several large-cap stocks as attractive areas following recent corrections. Additionally, strength in telecommunications, retail, and commodity stocks helped support market sentiment. Notably, TLKM shares strengthened after the company announced an attractive dividend yield. TLKM will distribute a cash dividend from its 2025 net profit equivalent to 123% of net profit, amounting to Rp 21.9 trillion. Approximately Rp 4.2 trillion of this dividend will be drawn from the Company’s retained earnings from the previous year. The decision was approved by TLKM shareholders during the Annual General Meeting of Shareholders (AGMS) held today, with the cash dividend set at Rp 221 per share, offering a yield of approximately 9% based on yesterday’s price.
Strengthening State-Owned Banks
The JCI jumped following a meeting between the Deputy Speaker of the House of Representatives, Sufmi Dasco Ahmad, with the Association of State-Owned Banks (Himbara), the Indonesian National Banks Association (Perbanas), and several other financial sector stakeholders at the Nusantara III Building, Parliament Complex, Senayan, Jakarta, on Tuesday. Also present were the Chairman of Himbara and President Director of PT Bank Negara Indonesia (Persero) Tbk, Putrama Wahju Setiawan, and the Chairman of Perbanas and President Director of PT Bank Rakyat Indonesia (Persero) Tbk, Hery Gunardi. Also in attendance were State Secretary Prasetyo Hadi and the Head of the SOE Regulatory Agency/COO of Danantara Indonesia, Dony Ounskaria.
“Today, the House of Representatives of the Republic of Indonesia is conducting coordination and evaluation regarding the current situation related to the banking situation in the country,” said Dasco. He noted that he had received information regarding the current banking situation from Himbara and Perbanas, stating, “Based on the results of the discussion, the developments are very good.”
On the other hand, external sentiment is relatively more conducive compared to the previous sell-off wave. While the Rupiah remains around Rp 18,160 per US dollar, its weakening has become more limited, slightly easing investor concerns regarding potential further pressure on the domestic financial market.
Rupiah Pressure
Nevertheless, volatility is expected to remain high throughout the session. This is reflected in the index movement, which initially surged by more than 1.5% at the opening but quickly corrected before rebounding again. From a stock movement perspective, the market condition this morning remains quite positive. A total of 335 stocks gained, 262 declined, and 362 remained stagnant. This implies that the JCI’s morning strength was not only supported by a few large stocks but was also followed by a broader range of equities. Technically, this morning’s JCI rebound has not yet fully altered the downward trend seen in recent periods. Although the index spiked by more than 1%, it remains well below key resistance areas, suggesting that volatility will persist. The 5,300 area has now become a crucial level that market participants will monitor as the primary defence zone following the heavy selling pressure of recent sessions.