Indonesian composite shares opened lower on Wednesday, sliding 0.97% to 4856.96 as regional market pressures followed a downward trend, alongside regional indices in Asia where the Nikkei index declined to 60,746.86, the Shanghai index dropped to 3,598.74, the Hang Seng index fell to 23,428.95, the Kospi index retreated to 5,465.17, and the Straits Times index decreased to 5,210.99.
Jakarta Composite Index Opens Wednesday Down
- The Jakarta Composite Index opened Wednesday down 47.33 points, deepening losses within the first minutes of trading as basic materials and property sectors led sectoral declines.
- Foreign institutional investors recorded a net outflow of Rp575 miliar during the previous session, weighing heavily on large-cap equities.
- Market participants continue to monitor ongoing global macroeconomic shifts, including U.S. midterm elections and regional energy price volatility.
Selling Pressure Extends Across Key Jakarta Sectors
Selling pressure intensified immediately following the opening bell, pushing the index down 1.49% to 4831.14 by 09:00 Western Indonesia Time.
Basic materials bore the heaviest losses, plunging 2.9%, followed by the property sector down 2.6% and consumer cyclicals dropping 1.6%.
The morning decline follows a severe correction on Tuesday when the index dropped 3.78% to close at 4904.29, marking its lowest level in six years according to market coverage by Kontan.
| Market Metric | Previous Close (Tuesday) | Opening Session (Wednesday) |
|---|---|---|
| IHSG Level | 4,904.29 | 4,856.96 |
| Daily Change (%) | -3.78% | -0.97% |
| Foreign Flow | -Rp575,0 miliar | Not Available |
| USD/IDR Exchange Rate | 18,148 | 18,148 |
Domestic Equities Face Regional Volatility and Policy Adjustments
Domestic equities are facing regional market volatility and monetary policy adjustments. Analysts from Phintraco Sekuritas noted that market anxiety remains elevated ahead of upcoming index reviews by MSCI, which heightens the risk of further foreign capital retraction from Indonesian bourses.
Adding to domestic caution, the Financial System Stability Committee recently adjusted its full-year economic growth projection for 2026 to a range of 5.4% to 5.5%. Despite these domestic revisions, state revenue through September reached Rp2.341,5 triliun, representing a 25.5% year-on-year expansion driven by government infrastructure spending and social aid programs.
Externally, investors are tracking the results of the United States midterm elections held on Tuesday, which analysts note could shift legislative control in Congress and alter future fiscal spending paths. Meanwhile, Brent crude oil prices hovered near 105.7 dollars per barrel following sharp fluctuations earlier in the week driven by geopolitical developments in the Middle East.
Technical Outlook and Support Levels for Jakarta Equities
Technical strategists at BRI Danareksa Sekuritas indicate that the composite index has breached key technical supports, confirming a dominant bearish momentum in the near term. Analysts point to immediate support boundaries between 4830 and 4761, with secondary downside targets identified near the 4650 to 4750 range if selling pressure persists.
Currency markets remain closely watched as the Indonesian rupiah trades near historical lows against the U.S. dollar at 18148.
