JCI and Rupiah Close Lower on Monday, What’s Behind It?

JCI and Rupiah Dip on Monday: Factors Driving the Decline

JCI and Rupiah Close Lower on Monday – On Monday, June 22, 2026, the Jakarta Composite Index (JCI) ended 0.98% lower at 6,116.69. The market saw 221 stocks rise, 445 decline, and 147 remain unchanged. Total trading volume reached 22.51 million shares, with a combined value of Rp13.48 trillion. Transaction activity totaled 1.73 million instances.

Market Uncertainty Linked to Key Developments

Analysts at Phintraco Sekuritas noted that the JCI’s movement was shaped by investor caution ahead of Morgan Stanley Capital International’s (MSCI) Annual Market Classification Review on June 24, 2026. “Uncertainty in the market was fueled by ongoing discussions surrounding Indonesia’s Financial Sector Development and Strengthening Law (P2SK),” the team explained in their analysis.

“The wait-and-see attitude of investors has created a hesitancy to commit to new positions, reflecting concerns over potential regulatory changes,” the analysts added.

Meanwhile, the rupiah weakened 0.22% against the U.S. dollar, closing at Rp17,843 per dollar. This decline followed a pattern seen in many Asian currencies, according to Phintraco Sekuritas.

Global Influences on Currency Trends

PT Traze Andalan Futures’ Ibrahim Assuaibi highlighted that Bank Indonesia’s inflation forecasts, driven by non-subsidized fuel price hikes, impacted the currency’s performance. BI also warned that El Nino is expected to heighten inflationary pressures.

“The U.S. dollar’s strength was linked to market sentiment disrupted by President Donald Trump’s warnings about possible military action against Iran, unless Hezbollah’s activities in Lebanon are curtailed,” Ibrahim stated in a written statement.

However, the U.S.-Iran negotiations concluded in Switzerland, as Tehran confirmed they secured exemptions for oil and petrochemical exports. This eased worries about global supply chain disruptions, according to the analyst.

Read: Will MSCI Downgrade Indonesia to Frontier Market? Experts Weigh In