Jakarta Composite Index Plunged 2 Percent, Rupiah Collapsed Amid Heated August 28 Demonstrations Impact

JAKARTA - The Jakarta Composite Index (JCI) opened lower in trading this morning, remaining in the red zone.

According to RTI data as of Friday (August 29, 2025) at 10:25 a.m. Western Indonesian Time (WIB), the JCI was recorded at 7,825.20, a correction of 1.60 percent, or a decrease of 122.71 points from its opening level of 7,899.88.

Throughout the morning session, the JCI reached a high of 7,913.86 and a low of 7,788.30, a drop of 2.06 percent.

Transaction volume reached 27.04 billion shares with a total trading value of IDR 10.29 trillion. Transactions were recorded at 1,253,177 times.

Furthermore, citing Bloomberg, on Friday, August 29, 2025, the spot rupiah exchange rate weakened 0.97 percent to IDR 16,510 per US dollar at 10:30 a.m. Western Indonesian Time.

Currency & Commodity Observer Ibrahim Assuaibi also highlighted that the ongoing demonstrations began to heat up that evening following an incident in which a barracuda vehicle controlled by the Mobile Brigade Corps (Brimob) deliberately hit an online motorcycle taxi driver.

He stated that this incident had a direct impact on market conditions, particularly the rupiah exchange rate and the Jakarta Composite Index (JCI).

Ibrahim stated that the weakening was also triggered by social and political tensions, particularly amidst the controversial issue of the government's plan to provide housing allowances to members of the House of Representatives (DPR).

"Especially considering that former '98 activists, who as government officials have committed quite massive corruption, which we know is a mess, has made the market somewhat apathetic towards Indonesian politics," he said in a statement on Friday, August 29.