Purbaya: JCI Down due to Negative Perception of the Indonesian Economy

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JAKARTA - The Composite Stock Price Index (JCI) fell 35.30 percent to 5,594.76 throughout 2026. Garuda's stock index fell significantly after hitting its highest level at 9,100 at the beginning of the year.

Minister of Finance (Menkeu) Purbaya Yudhi Sadewa said the weakening of the JCI was strongly influenced by negative sentiments towards the domestic economy. In fact, fundamentally, Purbaya said, the Indonesian economy is growing well reflected by economic activity in many places.

"So, the main obstacle is the negative perception of our economy, which is not too true because our state budget is good, the economy is growing quite well. Until now, if we go anywhere, all economic activity increases," said Purbaya in a press conference at the DPR building, Senayan, Jakarta, Saturday, June 6.

Purbaya said that many market participants thought that the Indonesian economy would collapse. This assumption encouraged investors to lose confidence in the domestic capital market.

"When the perception is that we want to be destroyed, all kinds of things, some people are affected," he said.

Even so, Purbaya admitted that he would eliminate that perspective. This effort will be carried out together with Bank Indonesia (BI) as well as to maintain the rupiah exchange rate. The rupiah exchange rate against the United States dollar (USD) has penetrated Rp. 18,036 until the closing of trading, Friday, June 5.

"That (negative perception) we will eliminate with closer cooperation (with) the central bank. Previously it was also close, we just tightened it even more," he added.

Based on data from the Indonesia Stock Exchange (IDX), quoted on Saturday, June 6, the JCI fell 8.69 percent to close at 5,594.76. Last week, the JCI fell 0.56 percent to 6,127.38. Market capitalization was cut 8.59 percent to Rp9,087 trillion from Rp10,729 trillion.