JAKARTA – Jakarta Composite Index (JCI) extended its decline on Wednesday (22/4), falling to 7,541.61 and continuing a downtrend seen since the start of the week.

Total trading value on the Indonesia Stock Exchange (IDX) reached IDR 18.15 trillion, with 49.44 billion shares traded.

Despite the broader market showing resilience—with 440 stocks advancing, 240 declining and 141 unchanged, according to RTI data—major indices on the IDX weakened, led by the LQ45 index, which dropped 1.04%.

Within LQ45, PT Dian Swastatika Sentosa Tbk (DSSA) and PT Barito Renewables Energy Tbk (BREN) recorded the steepest declines. DSSA fell 9.71% while BREN dropped 9.62%, making them the top losers in the index.

The sell-off followed a recent announcement by the IDX to exclude stocks with high ownership concentration from major index reviews later this month.

Under the new rules, the IDX will disregard stocks classified under High Shareholding Concentration (HSC) in the rebalancing of LQ45, IDX30 and IDX80.

The move aligns with a similar step by MSCI, which earlier this week said it would remove HSC stocks from its Global Standard index constituents.

Both DSSA and BREN, which are also part of MSCI indices, had already declined sharply in Tuesday’s (21/4) session, accompanied by net foreign selling.

Mixed sentiment, weak technicals

Analysts at Phintraco Sekuritas said JCI is currently facing mixed sentiment. While the US has extended its ceasefire with Iran, disruptions in the Strait of Hormuz continue to keep crude oil prices elevated.

Technically, JCI has yet to break above its MA5 level around 7,591. The positive MACD histogram is narrowing, while the stochastic RSI remains in overbought territory.

“As such, we expect JCI to consolidate within the 7,500–7,600 range in Thursday’s (23/4) session,” the analysts said in a note to investors.

Across emerging Asia, equity market performance was mixed. Taiwan’s TWSE and South Korea’s KOSPI rose 0.73% and 0.46%, respectively, while Hong Kong’s Hang Seng fell 1.22%, India’s NIFTY declined 0.85%, and Malaysia’s FBM KLCI slipped 0.29%. (KR/ZH)