US Data Storm Rages, Threatening to Drag Down the JCI Further
Domestic financial markets closed with mixed results yesterday, Thursday (February 26, 2026). The Composite Stock Price Index (JCI) weakened, the Rupiah exchange rate managed to strengthen against the US dollar, and Government Bonds (SBN) continued to be purchased by investors.
Domestic financial markets are expected to move positively in trading today, Friday (February 27, 2026). More details about today’s market projections can be found on page 3 of this article.
The JCI closed trading yesterday with a decline of 1.04% or down 86.97 points to a level of 8,235.26. The JCI even fell as much as 2% in the second session before the decline eased slightly to the closing level.
A total of 568 shares fell, 146 others rose, and 105 shares remained unchanged. Yesterday’s transaction value reached IDR 28.14 trillion, involving 56.52 billion shares in 3.14 million transactions. Market capitalization was also eroded to IDR 14,773.31 trillion.
Meanwhile, foreign investors were still recorded as continuing to buy, with a net inflow of IDR 341.26 billion.
Referring to Refinitiv data, all sectors closed in the red. The deepest decline was led by the industrial sector, which corrected by up to 2.24%, followed by the consumer cyclical sector, which fell 2.11%, and the property sector with a decline of 2.09%.
Weakness was also seen in the energy sector, which fell 2%, and the raw materials sector with a decline of 1.87%.
From the issuer’s side, amid the pressure on the JCI, there were several shares that still helped to curb the decline. PT Telkom Indonesia Persero Tbk (TLKM) was the largest contributor to the strengthening, contributing 5.26 index points. This was followed by PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM), which contributed 3.68 index points, and PT Astra International Tbk (ASII) with a contribution of 3.07 index points.
However, the pressure on the JCI mainly came from the shares of several issuers. PT Bukit Uluwatu Villa Tbk (BUVA) was the largest drag, contributing 5.11 index points. This was followed by PT VKTR Teknologi Mobilitas Tbk (VKTR), which contributed 5.08 index points, and PT Impack Pratama Industri Tbk (IMPC) with a contribution of 5.02 index points.
Turning to the currency market, the Rupiah exchange rate closed stronger against the US dollar in trading yesterday, Thursday.
According to Refinitiv data, the Rupiah closed trading at IDR 16,750/US$ or appreciated 0.18%. This increase also continued the positive trend from the previous trading day, when the Rupiah strengthened 0.21% and closed at IDR 16,780/US$.
Throughout yesterday’s trading, the Rupiah consistently remained in the green zone. The Rupiah opened at IDR 16,720/US$, which was also the Rupiah’s strongest level during the session, before its strengthening eased slightly at the close.
The Rupiah’s strengthening in yesterday’s trading was still influenced by the dynamics of the US dollar in the global market. The weakening of the dollar is reflected in the decline of the DXY, which indicates that market players are selling assets denominated in greenbacks. This condition, in turn, opens up room for strengthening other currencies, including the Rupiah.
Global sentiment is also still colored by uncertainty about US tariff policy after President Donald Trump reaffirmed his commitment to implementing tariffs in his State of the Union address. This stance makes the direction of US trade policy still difficult to predict and maintains volatility in the currency market.
From the monetary policy side, comments from the president of the US central bank (The Federal Reserve/The Fed) of the state of St. Louis, Alberto Musalem, were considered neutral. He said that the current benchmark interest rate is around a neutral level and is appropriate to balance the risks to the labor market and inflation.
Market players also still place the probability of a 25 basis point interest rate cut at the March 17-18 FOMC meeting at around 2%.
The weakening of the dollar ultimately became a positive sentiment for the movement of emerging market currencies, including the Rupiah, so the Rupiah was able to stay in the strengthening zone until the close of trading.
Turning to the bond market, the 10-year SBN recorded a decline of 0.09% to 6.404%.
It should be noted that the relationship between yield and price on SBN is inversely proportional, meaning that when the yield falls, the price of the bond rises, indicating that investors are tending to enter the SBN market.
From the US stock market, Wall Street closed with mixed results in trading on Thursday or early Friday Indonesian time.
The majority of indices weakened after the latest results from technology giant Nvidia and software company Salesforce were not strong enough to lift the market as a whole.
The S&P index fell 0.54% and closed at 6,908.86, while the Nasdaq Composite fell 1.18% and ended at 22,878.38. Meanwhile, the Dow Jones Industrial Average rose 17.05 points, or 0.03%, to 49,499.20.
Nvidia shares fell more than 5%, even though the chip giant reported fourth-quarter profits and revenue that exceeded expectations. The shares experienced their worst day since April. Other chip shares such as Broadcom, Lam Research, Western Digital, and Applied Materials also weakened.
“The market is currently really in ‘prove it’ mode, and Nvidia hasn’t fully ‘proven’ it through this earnings report,” said Tom Graff, chief investment officer at Facet, to CNBC, highlighting concerns about the chipmaker’s partnership with OpenAI.
He added that Nvidia is facing a combination of very high expectations that are already reflected in its share price and a skeptical market.
“This is likely to make share movements volatile for at least a few days.”}