Flooring Guide by Cinvex — The Jakarta Composite Index (JCI) opened in the red on Wednesday, May 20, 2026, as market participants braced for President Prabowo’s highly anticipated speech at the House of Representatives (DPR) regarding the 2027 State Budget draft (RAPBN).
According to IDX Mobile data at 09:03 WIB, the JCI declined by 0.66% to 6,328.91. The trading session began with 1.57 billion shares changing hands, amounting to a total transaction value of Rp881.6 billion. Early market breadth showed 371 stocks trading lower, while 156 advanced and 432 remained unchanged.
Market sentiment among the ten largest capitalized stocks was mixed. Blue-chip giants BBCA, DCII, and BYAN saw their prices remain stagnant at the opening. Conversely, BBRI, TLKM, and ASII posted gains: BBRI rose 0.33% to Rp3,050, TLKM climbed 0.97% to Rp3,110, and ASII edged up 0.42% to Rp5,975. Meanwhile, some major caps faced immediate selling pressure, notably BREN (-2.32% to Rp2,950), BMRI (-0.24% to Rp4,120), MORA (-2.94% to Rp5,775), and TPIA, which tumbled 12.50% to Rp2,730.
JCI Movement and Stock Recommendations: Wednesday, May 20, 2026
Analysts at Phintraco Sekuritas project that the JCI will fluctuate within a support range of 6,250 and resistance at 6,500. This follows Tuesday’s session, where the index experienced a significant correction of 3.46% to close at 6,370. Market experts attribute this slide to heavy profit-taking triggered by rumors of a new state-run body intended to regulate commodity exports.
“Concerns have circulated regarding potential government control over the export of coal, crude palm oil (CPO), and metal minerals. Investors fear that these measures could lead to price caps, ultimately eroding company profit margins,” the analysts noted in their research report this Wednesday.
Beyond commodity concerns, market attention is fixated on the plenary session at the DPR. President Prabowo is scheduled to present the Macroeconomic Framework and Fiscal Policy Principles (KEM-PPKF) for the 2027 state budget. This marks a historic departure from tradition, as the President will deliver the document personally rather than through the Minister of Finance. Investors are also closely monitoring the outcome of the Bank Indonesia (BI) Board of Governors meeting, with a consensus expectation of a 25 basis point rate hike to 5% to help stabilize the rupiah.
Data-driven indicators also remain in focus. Loan growth for April is estimated to reach 9.7% year-on-year, up from 9.49% in March 2026. From a fiscal standpoint, the state budget deficit reached Rp164.4 trillion (0.64% of GDP) as of April 30, 2026, marking an improvement over the March deficit of Rp240.1 trillion (0.93% of GDP).
“From a technical perspective, the JCI closed below the 6,400 level yesterday with a surge in selling volume. Consequently, the index remains at risk of testing support levels between 6,250 and 6,300,” the research report concluded.
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Summary
The Jakarta Composite Index (JCI) dropped by 0.66% to 6,328.91 on Wednesday morning as investors reacted to market uncertainty. The decline was driven by concerns over potential government regulations on commodity exports, alongside anticipation for President Prabowo’s upcoming speech regarding the 2027 state budget draft. While some large-cap stocks like BBRI and TLKM saw gains, others faced significant selling pressure, particularly TPIA and BREN.
Analysts from Phintraco Sekuritas expect the index to fluctuate between support at 6,250 and resistance at 6,500 amid prevailing market volatility. Investors are also closely monitoring the Bank Indonesia Board of Governors meeting, where a 25 basis point interest rate hike is widely expected to stabilize the rupiah. Despite these challenges, fiscal data shows a reduction in the state budget deficit to 0.64% of GDP as of April 2026.