TEMPO.CO, Jakarta - Jakarta Composite Index (JCI) closed down 0.78 percent to 6,172 in trading this afternoon, Thursday, June 18. At the close of the first session, the JCI had weakened by up to 1.06 percent.
According to data from the Indonesia Stock Exchange (IDX), 271 stocks rose, 445 weakened, and 243 remained unchanged. Trading volume was recorded at 23.6 billion with a value of Rp17.9 trillion. Trading frequency was 1.77 million.
Pilarmas Investindo Sekuritas stated that the JCI's weakening occurred due to increased investor caution ahead of the Morgan Stanley Capital International (MSCI) Global Market Accessibility Review, scheduled for release early Friday, June 19, Indonesian time, and the Annual Market Classification Review, scheduled for release on June 24, Indonesian time. "Both events are considered crucial for Indonesia's status in the MSCI benchmark index," the Pilarmas Investindo Sekuritas research team stated in its study on Thursday, June 18.
Meanwhile, the rupiah closed 32 points lower at Rp17,794 per US dollar. The previous day, the rupiah closed at Rp17,764 per US dollar. Ibrahim Assuaibi, Director of PT Traze Andalan Futures, stated that the exchange rate movement was influenced by market participants' wait-and-see attitude ahead of the MSCI decision.
Additionally, Ibrahim said that Bank Indonesia's decision to raise the benchmark interest rate by 25 basis points to 5.75 percent also influenced the exchange rate movement.
"This increase is a further step to strengthen the stabilization of the rupiah exchange rate, as well as a preemptive measure to keep inflation in 2026 and 2027 within the government's target range of 2.5 percent plus or minus 1 percent," he said.
Read: Why the JCI Strengthened at the Start of This Week
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