Stocks in Indonesia Hit 13-month Low

Indonesian shares tumbled 283 points, or 4.8%, to 5,653 in Thursday morning trade, extending steep losses from the prior session and hitting their weakest since May 2021. The sell-off underscored mounting concerns: elevated oil prices stoking fiscal and external balance risks, fears of heavier state intervention in commodities, and jitters over a possible adverse MSCI reclassification rattling global funds. Markets have already shed around 34% this year, the worst performer among over 90 global equity indices, according to Bloomberg News. Meanwhile, April trade data showed the surplus faded as surging oil import costs outpaced exports. May inflation accelerated to 3.08%, above the central bank’s target midpoint. U.S. futures were mostly lower as renewed U.S.–Iran tensions kept inflation worries alive. All sectors fell, led by industrials, property, financials, and healthcare. Major losers included Barito Pacific (-13.9%), Darma Henwa (-10.2%), Indosat (-8.4%), and Kalbe Farma (-6.8%).

JCI decreased to 5965.00 Index Points, the lowest since April 2025. Over the past 4 weeks, Jakarta Stock Exchange Composite Index lost 14.41%, and in the last 12 months, it decreased 15.59%.

Indonesia’s IDX Composite tumbled 82 points, or 1.3%, to 6,113 in early Wednesday trade, erasing the prior session’s gains as losses spread across most sectors, led by basic materials, infrastructure, and transport. Sentiment deteriorated after May inflation accelerated and April’s trade surplus narrowed sharply, underscoring pressure on purchasing power and external resilience. Rupiah weakness also remained a key concern, with banks reportedly selling U.S. dollars above IDR 18,000, while an inverted government bond yield curve signaled rising investor caution over the economic outlook. Global cues added to the drag, as U.S. stock futures were mainly lower amid fragile U.S.–Iran negotiations and ahead of the May jobs report. Still, losses were capped by robust services activity in the top trading partner China during May, along with solid growth in manufacturing output. Major laggards included Amman Mineral Intl. (-8.5%), Merdeka Copper Gold (-5.3%), and Japfa Comfeed (-4.6%).