The Jakarta Composite Index (JCI) has come under sharp pressure once again. At the close of trading on Thursday, September 24, 2026, the JCI slumped by 1.20 percent, or 76.31 points, ending at the 6,298.61 level.
This decline caused the JCI to fall back below the psychological level of 6,300. The pressure occurred just one day after the index recorded a strong rebound of 1.56 percent, closing at 6,374.91 on Wednesday, September 23, 2026.
Trading throughout Thursday was dominated by bearish sentiment. A total of 462 stocks recorded declines, while only 118 stocks rose and 144 remained unchanged. The transaction value in the market reached approximately Rp11.23 trillion with a trading volume of 29.31 billion shares.
Pressure was felt across all sectors on the Indonesia Stock Exchange (IDX). The raw materials sector experienced the deepest correction, falling by approximately 2.17 percent. The industrial sector followed with a 2.09 percent decline, while the property sector dropped 1.66 percent.
Profit Taking and Foreign Investor Pressure
One of the factors weighing on the JCI was profit-taking following the index's sharp rise the previous day.
Senior Market Analyst at Mirae Asset Sekuritas, Nafan Aji Gusta, assessed that the correction occurred after the JCI had recorded a significant rebound. At the same time, selling pressure from foreign investors continues to shadow the domestic market.
“Foreign investor selling pressure remains quite strong until the midday break.”
Foreign investors recorded a net sell of approximately Rp987 billion in the regular market by the midday break. Several large-cap stocks such as Bank Mandiri (BMRI), Bank Rakyat Indonesia (BBRI), and Telkom Indonesia (TLKM) were targets of this selling action.
This condition caused large-cap stocks, which usually support the index, to contribute to the pressure on the JCI instead.
Banking stocks were also the group with the highest transaction values. BMRI recorded a transaction value of approximately Rp748.06 billion, while Bank Central Asia (BBCA) reached approximately Rp471.97 billion throughout the trading session.
US Treasury Yields and Oil Prices Weigh on the Market
Pressure on the JCI did not only originate domestically. Global financial market movements also influenced investor sentiment.
The yield on the 10-year US Treasury rose again, breaking through the 5.1 percent range. The increase in US government bond yields has made dollar-based assets attractive to global investors once more.
At the same time, world oil prices strengthened amid rising geopolitical tensions between the United States and Iran. Brent crude prices previously surged nearly 4 percent to reach the US$103 per barrel range.
The combination of rising oil prices and high US Treasury yields has increased concerns regarding global inflationary pressure and the possibility that tight monetary policy will persist for longer.
Wall Street also closed lower on Wednesday, US time. The S&P 500 fell 0.75 percent, the Nasdaq Composite slumped 1.13 percent, and the Dow Jones Industrial Average weakened 0.68 percent.
This negative sentiment from the global market subsequently spilled over into Asian stock trading, including Indonesia.
Rupiah Also Under Pressure
The weakening of the JCI occurred alongside pressure on the rupiah exchange rate.
Bank Indonesia recorded the Jakarta Interbank Spot Dollar Rate (JISDOR) on Thursday, September 24, 2026, at Rp17,898 per US dollar. The previous day, JISDOR was recorded at Rp17,803 per US dollar.
Pressure on the rupiah is a factor closely watched by investors as it can influence foreign capital flows in the domestic financial market.
Bank Indonesia previously decided to maintain the BI Rate at 5.75 percent during its Board of Governors Meeting on September 22–23, 2026. The Deposit Facility rate was also maintained at 4.75 percent, and the Lending Facility at 6.50 percent.
BI explained that the decision is consistent with the strategy to maintain the stability of the rupiah exchange rate amid strong external pressures and to keep inflation within the target of 2.5±1 percent in 2026 and 2027.
The central bank also acknowledged that the rupiah is facing renewed pressure due to rising global uncertainty after having strengthened from August to mid-September.
JCI Potentially Volatile on Friday
After closing below the 6,300 level, the JCI's movement in Friday's trading, September 25, 2026, is expected to remain volatile.
Nafan Aji Gusta estimates the JCI support area to be around 6,254 and 6,146, with resistance in the 6,352 and 6,429 range.
Meanwhile, Equity Research Analyst at Phintraco Sekuritas, Alrich Paskalis Tambolang, estimates that the JCI has the potential to re-test the 6,186–6,200 area. The 6,200 level is one of the areas market participants are watching if selling pressure continues.
Rupiah movements, foreign investor fund flows, world oil prices, and US government bond yields are likely to remain factors closely monitored by the market.
With the JCI back below 6,300, the next trading session will be a focus to see if the index can rebound or if it will continue its correction toward the next support area.
