JCI Tumbles to 6,370 Amid Rumors of New Exports Body

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TEMPO.CO, Jakarta - The Jakarta Composite Index (JCI) at the Indonesia Stock Exchange (IDX) closed lower on Tuesday, triggered by market players' concerns over talks of a new special body for strategic exports.

JCI was down by 228.56 points or 3.46 percent, to 6,370.68. Meanwhile, the 45 leading stocks or the LQ45 index dropped by 16.27 points or 2.50 percent to 634.82.

"The JCI weakened due to selling pressure following rumors that the government plans to regulate commodity exports through a state-sanctioned special body," said Head of Research at Phintraco Sekuritas, Ratna Lim, in her analysis in Jakarta on Tuesday, May 19, 2026, as quoted by Antara.

Several strategic commodities rumored to be regulated through the special body include coal, crude palm oil (CPO), and metal minerals.

"This has raised concerns among investors that there could be potential control of selling prices, which could impact companies' profit margins," Ratna said.

Ratna explained that this rumor is also linked to President Prabowo Subianto's planned attendance at the plenary session of the House of Representatives (DPR), where he will deliver a speech on the Macroeconomic Framework and Fiscal Policy Guidelines (KEM-PPKF) for the 2027 State Budget on Wednesday, May 20, 2026.

This plan will mark the first time the head of state directly presents the KEM-PPKF document before the parliament, which is usually delivered by the Finance Minister.

Meanwhile, market players anticipate the results of the Bank Indonesia (BI) Board of Governors Meeting, which will be announced on Wednesday. According to consensus, BI is expected to raise the BI Rate by 25 basis points to 5 percent to stem the depreciation of the rupiah.

Furthermore, credit growth in April is estimated to grow by 9.7 percent year on year (yoy), compared to 9.49 percent yoy in March 2026.

Opening lower, JCI remained in negative territory throughout the first session of stock trading. In the second session, JCI stayed in the red zone until the stock market closed.

Based on the IDX-IC Sectoral Index, all eleven sectors weakened, with the raw materials sector posting the deepest decline at 7.54 percent, followed by the energy sector and the transportation & logistics sector, each dropping by 6.89 percent and 6.60 percent, respectively.

The top gainers were LCKM, RELI, ASPR, UDNG, and CINT, while the top losers were DSNG, ELPI, TAPG, ICON, and DFAM.

Trading frequency recorded 2,804,569 transactions, with a total of 46.07 billion shares traded, valued at Rp25.80 trillion. 112 stocks rose, 612 fell, and 94 remained unchanged.

In the Asian regional stock exchanges this afternoon, the Nikkei index weakened by 75.45 points or 0.12 percent to 60,740.50; the Hang Seng index strengthened by 122.67 points or 0.48 percent to 25,797.85; the Shanghai index rose by 38.01 points or 0.92 percent to 4,169.54; and the Straits Times index climbed by 75.59 points or 1.51 percent to 5,072.34.

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